El Escobal Mine Waiting for Operating License

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.

Friday, May 4, 2012

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.

"The investment is divided into $326.6 million for construction of the project, $102 million for equipment and machinery, $70 million in purchases and services during construction work, plus $25 million in annual purchases and services in Guatemala and another $17 million in annual payment of wages for their workers," reports Elperiodico.com.gt.

Carlos Morales, managing director of Minera San Rafael, a subsidiary of Canadian Tahoe Resources, said that estimates are that production will last for 19 years – extendable if there are more reserves-, and 2 years of technical closure of the mine.

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More on this topic

Guatemala: $151 million for Lead Exports

July 2014

The increase in sales of lead abroad has been attributed to the shipments that have begun from the Escobal mine, belonging to Canada's Tahoe Resources.

Lead exports increased by $141 million between January and May this year compared to the same period last year, according to the Central Bank of Guatemala.

$ 300 Million for Escobal Silver Mine

December 2010

Following the announcement about the increase of 144% in reserve estimates at the Guatemalan mine, Tahoe Resources closed $ 303 million in stock sales.

The purchase was made by a group of investors led by GMP Securities.

The share offer is to be completed by December 24th.

Guatemala: Silver Mine Estimate Grew 144%

November 2010

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.

Guatemalan Silver Mine Sold for $505 Million

May 2010

Canadian corporation Goldcorp Inc. announced the sale of its Escobal mine to Tahoe Resources Inc.

Goldcorp will receive $505 million, $230 million in cash and 40% of Tahoe’s stock once it goes public.

Chuck Jeannes, Goldcorp CEO, said that “this transaction lets our investors realize the value of this world-class silver deposit”.