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Tahoe Resources TAHO

"Tahoe Resources Inc is a mining firm. It is engaged in the operation of mineral properties for the mining of precious metals in America."


NYSE:TAHO - Post by User

Post by Lemboyon Mar 08, 2018 8:32pm
415 Views
Post# 27687994

Guatemalan Constitutional Court Requests Additional Info

Guatemalan Constitutional Court Requests Additional Info

PRESS RELEASE FROM CNW GROUP

Guatemalan Constitutional Court Requests Additional Information

Thursday, March 08, 2018

 

Guatemalan Constitutional Court Requests Additional Information

20:09 EST Thursday, March 08, 2018


VANCOUVER, British ColumbiaMarch 8, 2018 /CNW/ -- Tahoe Resources Inc. ("Tahoe" or the "Company") (TSX: THO, NYSE: TAHO) has been informed that the Constitutional Court of Guatemala requested additional information in the legal case regarding Minera San Rafael's Escobal mining license. The Company has not yet received the formal resolution from the Court but understands the request requires certain information be provided to the Court within 15 business days from the date of the formal resolution. In addition to asking for original copies of documents submitted last July, some of the information requested by the Court includes: an anthropological study of the surrounding communities to establish the current populations of indigenous people in San Rafael las Flores and several surrounding communities, a third-party review of the Escobal Environmental Impact Study and the mitigation measures required by the study, and a third-party review of the Ministry of Energy and Mines' consultation process that led to the initial mining license being granted in 2013. Some of the information requested appears to examine areas that were not appealed by any of the parties in the case.

New Tahoe Logo (PRNewsFoto/Tahoe Resources Inc.) (PRNewsFoto/Tahoe Resources Inc.)

Ron Clayton, Tahoe Resources President and CEO: " We are certainly disappointed with the continued delay in the case and the amount of time it has taken the Constitutional Court to request this information, but we are hopeful this means the Court is undertaking a serious review of the issues in this case, including a review of indigenous populations by the Ministry of Culture and compliance with International Labor Organization Convention 169. In the long term, ensuring that the Constitutional Court is fully informed about these critical issues will enhance the credibility of its final decision and, in turn, strengthen the Company's community relationships and social license to operate. Given that much of the information requested was provided as part of the initial Court filings in July 2017, we urge the ministries, agencies, and third parties to comply with the Court's 15-day deadline and the Court to provide its final ruling quickly thereafter. We strongly believe that the Court has all the information legally necessary to resolve this case today and therefore following receipt of this information, the Court should be prepared to follow legal precedent by upholding the lower court's ruling to reinstate our license."

The Company regrets that the termination of additional Minera San Rafael employees is now inevitable due to the continued delay in the legal proceedings. In total, approximately half of the employees will have had their contracts terminated as a result. Prior to the license suspension, Minera San Rafael employed 1,030 people, 97% of whom are Guatemalan and 50% of whom are from the Santa Rosa region.

Tahoe is eager to resume operations at Escobal in order to return benefit to employees, communities, and the region. Upon receipt of a favorable resolution from the Court, Tahoe will seek to restore its workforce. For every month of delay in operations at Escobal, approximately $4 million in taxes and royalties are not being paid to the Government of Guatemala and the local communities. 


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