The purchase was made by a group of investors led by GMP Securities.
The share offer is to be completed by December 24th. If buyers execute an option to purchase another 3.3 million shares, Tahoe Resources will add another $ 45 million to resources available for project development.
Goldcorp, the second largest mining company in Canada, which currently owns 41.2% of Tahoe Resources, has indicated its intention to subscribe for more shares and maintain its current stake in Tahoe.
Construction of the silver mine, el Escobal, by Tahoe Resources has brought banks, restaurants, a hotel and other businesses providing goods and services to the town of San Rafael Las Flores, Guatemala.
According to an article in Elperiodico.com.gt, "El Escobal, located in San Rafael Las Flores, Santa Rosa, is considered one of the largest silver deposits in Central America, with reserves of more than 300 million ounces, as well as containing lead, zinc and gold. The company Minera San Rafael, a subsidiary of Tahoe Resources, will operate the project for 4 years and expects to initiate the exploitation work in mid-2014. "
Tahoe Resources, the Canadian company which bought the project from Goldcorp, has announced an investment of $500 million to extract the 300 million ounces estimated at the site.
Tahoe Resources executives are only waiting for the Ministry of Energy and Mines (MEM) to authorize the operating license of the mineral project Escobal, in San Rafael Las Flores, Santa Rosa, in order to accelerate construction of a plant.
Tahoe Resources, which owns the Escobal silver mine project, announced that indicated resources at the mine increased 144%.
In the press release, the company explained that according to new measurements, there are 245 million ounces at an average gradient of 500 grams per ton; the mine could produce 19 million ounces of silver in their first 5 years of operation at a cost of less than $ 3 an ounce.
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