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Tahoe Resources (“Tahoe” or the “Company”) (TSX: THO, NYSE:TAHO) regrets to announce a significant reduction to Minera San Rafael’s workforce at its Escobal Mine in Guatemala. Tahoe has been committed to maintaining Escobal’s full workforce since the July 5, 2017 mining license suspension. The Guatemalan Constitutional Court heard the appeals of the Supreme Court’s decision to reinstate the Escobal mining …
Tahoe Resources (“Tahoe” or the “Company”) (TSX: THO, NYSE:TAHO) regrets to announce a significant reduction to Minera San Rafael’s workforce at its Escobal Mine in Guatemala.
Tahoe has been committed to maintaining Escobal’s full workforce since the July 5, 2017 mining license suspension. The Guatemalan Constitutional Court heard the appeals of the Supreme Court’s decision to reinstate the Escobal mining license on October 25, 2017. According to Guatemalan law, the Constitutional Court must rule within 5 calendar days of the public hearing. At this time, however, the Constitutional Court has yet to rule.
Ron Clayton, President and CEO of Tahoe:
Ron Clayton, President and CEO of Tahoe:
“Despite extensive efforts in Guatemala, we have been unsuccessful in reaching a favorable resolution that would avoid negative impacts for all stakeholders, especially for our workforce and the local economy.
We are very disappointed to reduce our workforce at this time, but this is a natural consequence to the prolonged inaction in the legal system. We are hopeful that the Constitutional Court will honor their own legal procedures and precedents and urge them to provide a fair and transparent ruling quickly that demonstrates Guatemala remains open for responsible foreign investment.”