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. "
Mining in Guatemala pays 1% in royalties. In Colombia, the royalties are 4% and in Chile's mining industry pays the state 14% of gross sales.
In the past five years, exports of silver and gold have increased from $14.6 million in 2005 to $528 million in 2010.
The most recent announcement made by the Canadian mining Goldex Resources Corporation, revealed preliminary results of testing of the first seven out of twelve drill holes, on its flagship property, the El Pato Project, in Chiquimula. "The mining company said it has found high-grade mineralization of 12.4 grams of gold per ton", reported Alexis Batres in an article in Elperiodico.com.gt.
Due to the rising prices of gold and silver, the amount exported in the first quarter increased from $100 million in 2010 to $177 million in 2011.
The upward trend in exports was already reflected last year in 2010, when they showed an increase of 52% in monetary terms in relation to 2009.
An article in Siglo21.com.gt includes a statement from the Montana company, "People and organizations turn to gold as a way to protect their savings from unstable world economic situations, prospects for inflation and the instability of the dollar. Gold is a resource which people traditionally turn to, as it is a way to safeguard the purchasing power of savings for the future. "
The Canadian miner reported gold and plant exports from the Marlin mine for $ 449.7 million in 2010.
Mario Marroquin Rivera, executive director of Goldcorp, explained that the total export of gold was $ 368 million and silver sales totaled $ 131 million.
Prensalibre.com notes in their article, "In the five years of operation of the Marlin mine, sales totaled $ 1,416 million, of which U.S.
Company directors say that they will continue to expand with new "Cerro Blanco" project.
Almost two months since the Inter-American Commission on Human Rights (IAHCR) recommended to the Guatemalan government that Goldcorp's operations at the Marlin mine be suspended, the administration has ordered a review to determine whether or not a suspension is appropriate. Meanwhile, Goldcorp continues its operations in the country.
Goldcorp INC. announced today the completion of its sale of the Escobal silver deposit in Guatemala to Tahoe Resources Inc. ("Tahoe").
Pursuant to the terms of the transaction, Goldcorp received an aggregate of 43,686,667 common shares of Tahoe, representing 40% of Tahoe's issued and outstanding common shares on a fully-diluted basis and $253 million in cash.
Montana Exploradora, a subsidiary from Goldcorp, is exploring a silver deposit located on the east of Guatemala.
Jorge Sandoval, advisor to the company, explained that the deposit could be classified as a “world-class” asset, due to its size. They estimate it could yield 130 million ounces.
Sandoval explained to newspaper Prensa Libre that the company “only has permission to explore, as on 2009 president Alvaro Colom suspended the issuing of licenses for exploitation of mineral deposits”.