The mining company is progressively reducing gold extractions and will achieve total closure in 2017, while efforts begin to recover the area.
During 2013 202.200 ounces of gold were extracted, while in 2014 a decrease was reported of at least 185,000 ounces. It is expected that production this year will be equal to or lower to those last year and 2016 is expected to be the last year that extractions will be made, projecting approximately 150,000 ounces.
The Marlin mine in San Marcos generated these revenues during the first half of 2013. "The cost of gold mining in San Marcos is $182 on average and is still the lowest of the 11 companies of which Goldcorp owns or has interests in in the continent," noted an article in Prensalibre.com .
The decline in the price of precious metals worldwide has forced the company to temporarily suspend operations at Cerro Blanco.
"The Cerro Blanco mine in Asuncion Mita, Jutiapa, will enter into a state of maintenance and care, ie only keeping areas active that are necessary for the development of the mine and its infrastructure, but it will not perform exploitation activities as was planned. "
The industrial and commercial sector of Guatemala believes the measure sends a mixed message and is unfriendly to investment.
According to the president of the Union of Extractive Industries, Mario Marroquin, "it sends a mixed message, because a few days ago the Investment Summit 2013 was held, which presented Guatemala as having potential for investment in many sectors, including mining, and now they are saying that licenses will not be granted, what then happens to those interested in the country? ".
The reform excludes from payment cargo carriers that already have private insurance coverage in place in Central America.
From a press release by the Legislative Assembly of El Salvador:
With 54 votes in plenary legislature, Section 20 of the Special Law for the Establishment of the Fund for the Care of Traffic Accident Victims (Fonat) was reformed to incorporate a clause that excludes payment of the special contribution by freight vehicles with foreign plates, for those who already have an insurance policy against accidents and / or damage to third parties, to ensure compensation both in terms of health as well as financially, with current coverage level in Central America, including El Salvador.
Royalties on mineral holdings in Guatemala will be imposed on three levels related to the base value of the extracted material.
According to Mario Marroquin, president of the Union of Mining and CEO of the company Montana Exploradora (main extractor of gold and silver in Guatemala), precious metals are those with the highest and there are other lower rates for base metals and non-metallic minerals.
The exploration license for project El Sastre 1 and the application for a similar license for project El Sastre 2 have been canceled.
According to the head of the Ministry of Energy and Mines (MEM) in Guatemala, Erick Archila, the process of forfeiture was started because MEM technicians have repeatedly been prevented from entering to inspect the area where the mine El Sastre 1 is operating, in San Antonio La Paz, El Progreso.
After two years of not granting mining licenses, the Ministry of Energy and Mines has approved exploration in the departments of Alta Verapaz, El Progreso, Zacapa, Jalapa, Jutiapa, Quiche and Santa Rosa.
Of the one hundred and eighty applications that were pending, the Ministry has already resolved one hundred, said the head of the ministry, Erick Archila.
The mere announcement of the draft constitutional reform in Guatemala so that the State can participate as a partner in mining companies has brought down the shareholder value of Tahoe Resources by 22%.
An article in Elperiodico.com.gt reveals the uncertainty and the damage amonst investors and businesses caused by the announcement of reforms to the Constitution that would include authorization for the State to participate by holding up to 40% of the shares belonging to companies engaged in metal extraction.
Armstrong Equipment, Inc. is an American based company that specializes in the distribution to Latin America of equipment and parts used in the mining sector, rock crushing and asphalt paving.
Operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama
Phone: (305) 592 8361
Constructora Celaque is a leader when it comes to construction of civil projects and mining in Honduras with more than 15 years of experience.
Operates in Honduras and Honduras
Phone: (504) 2239 6794 - (504) 9905 7845