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Tahoe shares hit record low on Guatemala mine suspension

Friday, July 7, 2017


U.S.-listed shares of miner Tahoe Resources fell as much as 38 percent to a record low on Thursday, a day after Guatemala temporarily
suspended the company's Escobal mining license, citing violation of indigenous people's rights.

Shares of the company fell to $5.12 on the New York Stock Exchange.

The Supreme Court of Guatemala issued a provisional decision suspending the Escobal mining license after an anti-mining organization appealed to the court against the country's Ministry of Energy and Mines.

The appeal alleges that the ministry did not consult with the Xinca indigenous people before handing over the Escobal mining license to Tahoe's Guatemalan unit Minera San Rafael. Escobal is one of the world's largest silver mines.

Source: Reuters