Guatemala: Goldcorp Sells Escobal Mine for $253 MillionWednesday, June 9, 2010 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. Guatemalan Silver Mine Sold for $505 MillionTuesday, May 4, 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. $ 300 Million for Escobal Silver MineMonday, December 6, 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. Silver Mine in Guatemala is Making Good ProgressFriday, March 9, 2012 The Canadian company Tahoe Resources, which owns the Escobal silver mine, has announced that it has all of the funding and the project will start on time. According to plan, the mine should begin operating in early 2014 and produce 317 million ounces of silver for 18 years, said Kevin McArthur, CEO of Tahoe. Environmental Permit Granted to Tahoe Mining in GuatemalaThursday, February 17, 2011 Tahoe Resources announced that the Environmental Impact Study for the Escobal mine project has been approved by the corresponding authorities. The start of construction is scheduled for May 2012, subject to obtaining all necessary permits. Production should begin in late 2013. Guatemala: world class silver mineTuesday, September 21, 2010 Minning project Escobal could rival Mexico's Fresnillo, the largest silver mine of the world. The Escobal silver project in Guatemala may one day equal the Fresnillo mine – the world's biggest producer of the precious metal – Tahoe Resources CEO Kevin McArthur said on Monday. Guatemala: Silver Mine Estimate Grew 144%Tuesday, November 30, 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. From Coffee Town to Mining TownFriday, July 20, 2012 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. " Panama: Cerro Quema Gold Mining Project UnderwayTuesday, July 13, 2010 13 years after receiving its concession, the company plans to begin operations in 2012. Alfredo Burgos, company director, indicated that infrastructure works will begin next year with an investment of $18-20 million. In 2010, Guatemala Exported $528 million in Gold and SilverThursday, September 1, 2011 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. Goldcorp Retains Investment in GuatemalaMonday, July 19, 2010 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. Guatemala: Marlin Mine Production to Increase 35%Monday, February 7, 2011 Goldcorp plans to increase production from 296.100 ounces of gold in 2010 to 400.000 in 2011. If the goal is met, it would be the second highest percentage growth. Guatemala: Goldcorp Mining with Record SalesThursday, January 27, 2011 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. Goldcorp Stops Operations at Guatemalan MineTuesday, August 13, 2013 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. " |
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