Tahoe has done wellIf you zoom out Tahoe has managed this well. They have kept the mine ready to come back online by retaining staff. They have also not been ruthless and simply fired all 1000 employees only 250 - which is fair considering what they are being dragged through. In essence they have been very fair and good sports on the HR front.
As for what they are being dragged through - what could they have done? They were awarded the license back in the day and accordingly started to invest in the mine / Guatemala's economy. They started mining using their expertise to lift many workers families' stadards of life and adding to the koffers of the Guatemalan taxmans income. What else should they have done when they received the license back in the day? Not mine??!!
They are now being totally manhandled in the judicial system that unfortunately seems biased through Gloria Porras. The fault here is squarely on Guatemala.They should not give a license to a company and lure it in to then blindside it like this. It is nothing short of grotesque and how can anyone feel safe in an environment like that.
ANYHOW the pressure is on Gloria Porras now. Why well because EVERYONE is watching. Will she / can she destroy the Guatemalan investment climate / FDI? Or will she do whats best for her country's propstperity and allow companies with know how help Guatemala mine its land by competent miners. Sure they can nationalise Tahoe but that would mean they would have to mine Escobal themselves -not necessarily an easy task .
Gloria Porras has to go against a Supreme court positive ruling - Ie undermine the court right under hers. She has received a BIPARTIASAN letter from the US congress that she will undermine efforts to lift Guatemala from within through foreign direct investment. Will she not only go against her supreme court but also a letter from the US congress?
Tahoe is the victim here. They mined as they were allowed. They paid their royalties. They have upheld their side of the bargain. Let's now see if Gloria Porras intends to show the world that there is no legal protection in Guatemala. There is her and her beliefs nothing else. She holds the key to show which direction Guatemala will choose. She should choose prosperity for her country over inactivity of the countries lands.
Guatemalan nationalisation of Escobal would be direct theft. Luring a company in. Making it invest and stealing its investments.
Ok so maybe Tahoe could end up paying some more royalties - I think everyone could live with that BUT strictly speaking this would also be anasty caseof blackmail.
Word ofadvice to Guatemala end their ministry of mining. Dont give licenses if you dont mean it.
I feel sry for Tahoe and their shareholders. They have been done very very hard by here. They have invested and played ball. Nasty nasty nasty what is being done to them here by Guatemala.
Br