Tahoe Resources Inc.

Tahoe Resources Inc. (TAHO) Accused of Failing to Meet Obligations for Escobal Mining License

According to the complaint, Tahoe Resources Inc. (TAHO) represented that it used commercially reasonable efforts to ensure all land-related agreements were entered into in accordance with applicable laws. Tahoe further asserted that there are no indigenous populations currently living in the immediate area of its Escobal mine site. On May 24, 2017, Tahoe disclosed that an anti-mining organization filed a legal claim for violating the Xinca indigenous people’s right of consultation in advance of granting the Escobal mining license to Tahoe’s Guatemalan subsidiary. Although Tahoe assured investors that the claim was without merit, on July 5, 2017, Tahoe revealed that the Supreme Court of Guatemala temporarily suspended the license to operate the Escobal mine. Since news of Tahoe’s troubles surrounding the Escobal mine were made public, the company’s shares fell over 46% to close at $5.01 per share on June 15, 2018.

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