Vancouver’s Tahoe Resources lands environmental permit for Escobal
Thursday 17th of February 2011
Vancouver’s Tahoe Resources lands environmental permit for Escobal Print
Wednesday, 16 February 2011
ImageWork being done to develop Guatemala’s next major mine is ticking along at a good pace for Tahoe Resources (TSX:THO).
On Wednesday, the silver-focused explorer said it had received the environmental permit it needs to start underground development at its Escobal project in Central America.
The company has also acquired 250 hectares of surface rights for the mine and its support facilities.
“Over two years of base-line environmental data collected at the site have been used to design rigorous environmental safeguards into the project work plan,” commented Kevin McArthur, Tahoe’s president and CEO. “The project incorporates features which will provide the highest levels of environmental protection of workforce safety, while minimizing community impacts.”
“The country of Guatemala has clearly demonstrated that it is open to responsible development of mineral opportunities.”
Tahoe’s shares were up 4.3% to $16.27 at midday trades.
Even though Tahoe is less than a year old (it went public last June with a $348 million initial public offering), the company hopes to start production at Escobal in late 2013.
Tahoe already employs 117 people near the proposed mine, which is expected to cost $326 million to build.
McArthur is the former president and CEO of Vancouver precious metals heavyweight Goldcorp (TSX:G) and one of three veteran mining executives who led large, successful IPOs last year.
Check out this week’s edition of Business in Vancouver for more about how mining executives are banking on their experience to drive value in junior companies.