Tahoe Announces Additional Workforce Reduction in Guatemala
20 Agosto 2018 - 11:00AM
Business Wire
Tahoe Resources Inc. (“Tahoe” or the “Company”) (TSX:
THO) (NYSE: TAHO) regrets to announce a further reduction to Minera
San Rafael’s workforce at its Escobal Mine in Guatemala.
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 five calendar days of the public hearing. At
this time, however, the Constitutional Court has yet to rule and
the Company cannot at this time predict when it will issue its
ruling.
Given the ongoing delay in the Constitutional Court’s ruling,
the lack of transparency into the status of the legal process, and
the inability of the Company to resume mining operations, the
Company terminated approximately 200 additional Minera San Rafael
employees today. Including today’s termination, about 70% of the
total workforce has now been dismissed. Prior to the license
suspension, Minera San Rafael employed 1,030 people, 97% of whom
are Guatemalan and 50% of whom are from the Santa Rosa region.
Jim Voorhees, 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 extremely disappointed with the need for a further workforce
reduction at this time, however this is a natural consequence to
the prolonged inaction in the legal system. With that said, we
remain committed to seeking a resolution and restarting the Escobal
mine at the earliest possible time for the benefit of all of our
stakeholders.”
Tahoe continues to believe that legal precedent in Guatemala
supports the reinstatement of the Escobal mining license and the
resumption of operations, at which time Tahoe will seek to restore
its workforce. Tahoe is eager to resume operations at Escobal in
order to return benefit to employees, communities and the region.
Since the license suspension in July 2017, more than $50 million in
taxes and royalties that might otherwise have been earned during
this period have not been paid to the Government of Guatemala and
the local communities.
About Tahoe Resources Inc.
Tahoe Resources is a mid-tier precious metals company with a
diverse portfolio of mines and projects in Canada, Guatemala and
Peru. Tahoe is led by experienced mining professionals dedicated to
creating sustainable value for all of its stakeholders through
responsible mining. The company is listed on the TSX (“THO”) and
NYSE (“TAHO”) and is a member of the S&P/TSX Composite, the TSX
Global Mining indices and the Russell 2000 on the NYSE.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news release contains “forward-looking statements” within
the meaning of Section 27A of the United States Securities Act of
1933, as amended, Section 21E of the United States Exchange Act of
1934, as amended, the United States Private Securities Litigation
Reform Act of 1995, or in releases made by the United States
Securities and Exchange Commission, all as may be amended from time
to time, and “forward-looking information” under the provisions of
applicable Canadian securities legislation, concerning the
business, operations and financial performance and condition of the
Company. Such forward-looking statements include the statement
related to seeking to restore the workforce at Escobal upon
receiving a positive ruling from the Constitutional Court.
Forward-looking statements are necessarily based upon a number
of factors and assumptions that, if untrue, could cause the actual
results, performances or achievements of the Company to be
materially different from future results, performances or
achievements expressed or implied by such statements. Such
statements and information are based on numerous assumptions
regarding present and future business strategies and the
environment in which Tahoe will operate in the future.
Tahoe’s actual results, programs and financial position could
differ materially from those anticipated in such forward-looking
statements as a result of numerous factors, risks and
uncertainties, many of which are beyond the Company’s control.
Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause actual results to be
materially different from those expressed or implied by such
forward-looking statements.
For additional discussion of risk factors, refer to the MD&A
for the years ended December 31, 2017 and 2016 dated February 22,
2018 and available on SEDAR at www.sedar.com, on EDGAR at
www.sec.gov or on the Company’s website at
www.tahoeresources.com.
Readers should not place undue reliance on forward-looking
statements. Forward-looking statements are made as of the date
hereof and, accordingly, are subject to change after such date.
Tahoe does not intend or undertake to publicly update any
forward-looking statements that are included in this document,
whether as a result of new information, future events or otherwise,
except in accordance with applicable securities laws.
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Alexandra Barrows, Vice President Investor RelationsTahoe
Resourcesinvestors@tahoeresources.com+1.775.448.5812
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