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Importing Wikidata short description: "Mining exploration company founded in Vancouver, BC" (Shortdesc helper) |
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{{Short description|Mining exploration company founded in Vancouver, BC}}
{{Infobox company
| name
| logo = Tahoe Resources
| caption
| type
| fate = Acquired by [[Pan American Silver]]
| industry
| foundation
| founder
| location_city
| location_country
| area_served
| key_people
| products
| revenue = {{up}}US$519.7 million (2015)<ref name="yahoo.com">{{cite web|url=https://finance.yahoo.com/quote/TAHO/financials?p=TAHO|title=TAHO Income Statement
| operating_income = {{down}}US$-79.5 million (2015)<ref name="yahoo.com"/>
| net_income = {{down}}US$-71.9 million (2015)<ref name="yahoo.com"/>
| assets = {{up}}US$2.0 billion (2015)<ref name="yahoo.com"/>
| equity = {{up}}US$1.6 billion (2015)<ref name="yahoo.com"/>
| num_employees
| subsid
| website
}}<nowiki> </nowiki>'''Tahoe Resources Inc.'''
In 2016, the company acquired Lake Shore Gold in Ontario, valued at $945 million CAD, making it a wholly owned subsidiary of Tahoe Resources and effectively adding Lake Shore's Timmins West and Bell Creek gold mines in Ontario to Tahoe Resources' assets,<ref>{{Cite news|url=http://www.mining.com/tahoe-resources-adds-canadian-gold-mines-to-portfolio-by-buying-lake-shore/|title=Tahoe Resources adds Canadian gold mines to portfolio by buying Lake Shore|last=Jamasmie|first=Cecilia|date=Feb 8, 2016|work=Mining.com|access-date=Sep 20, 2016
In 2017, Tahoe Resources was accused of using the "Guatemalan police and army violence to force its mining operation on the local communities."<ref>{{Cite web|url=http://us9.campaign-archive1.com/?u=ea011209a243050dfb66dff59&id=787cb6e4d1/|title=Tahoe Resources & more violence in Guatemala: Business as usual|publisher=Rights Action|access-date=2017-06-26}}</ref> Tahoe is facing a criminal trial in Guatemala and a civil lawsuit in Canada for previous cases of alleged repression.
On 14 November 2018, it was announced that [[Pan American Silver]] would be acquiring Tahoe Resources for $1.1 billion.<ref>{{Cite news|url=https://www.reuters.com/article/us-tahoe-resources-m-a-pan-amer-silver/pan-american-silver-to-buy-tahoe-resources-for-1-1-billion-idUSKCN1NJ0ZD|title=Pan American Silver offers $1.1 billion to buy out Tahoe|last=Taylor|first=Susan|work=Reuters|access-date=2018-11-17|language=en-US}}</ref>
== Operations ==
Tahoe Resources has five operating mines: [[Escobal mine]] in southeast Guatemala, La Arena gold mine in northern Peru, Shahuindo gold mine in northern Peru, and the Timmins West and Bell Creek mines in Ontario, Canada.
In 2016 Tahoe achieved record silver production by producing 21.3 million ounces at all-in sustaining costs of $8.06 per ounce. The
<ref>
| url= https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1048-tsx/tho/30174-tahoe-resources-record-production-and-cash-flow-per-share-in-2016.html
|title = Tahoe Resources: Record Production And Cash Flow Per Share In 2016
|agency=www.juniorminingnetwork.com
|
</ref>
In Q1 2017 Tahoe produced 5.7 million ounces of silver and 119,000 ounces of gold. The
<ref>
| url= https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1048-tsx/tho/31919-tahoe-resources-reports-record-results-in-q1-2017.html
|title = Tahoe Resources Reports Record Results In Q1 2017
|agency=www.juniorminingnetwork.com
|
</ref>
=== Escobal Silver Mine ===
{{Main|Escobal mine}}
The Escobal project is a high-grade [[silver]] discovery located in southeast [[Guatemala]] approximately 40 km. east-southeast of Guatemala City. In addition to silver, the mine contains sizable reserves of gold, lead, and zinc.<ref name="Escobal Silver Mine, Guatemala">{{cite web|title=Escobal Silver Mine, Guatemala|url=http://www.mining-technology.com/projects/escobal-silver-mine/|website=Mining Technology|publisher=Kable|
Underground development on the mine began in May 2011, and the exploitation license was granted in April 2013. Roughly 500 construction jobs were created with the mine's development. Mining operations began in September 2013, and the first precious metal concentrate shipment was sent on October 15, 2013. For the year ending December 31, 2013, Tahoe Resources announced that its net earnings for the year were $65.6 million ($0.45/share). During 2013, the company incurred $36.4 million in expenses for the Escobal mine project.<ref>{{cite web|url=http://www.tahoeresourcesinc.com|title=Tahoe Resources Inc., New Leader in Precious Metals |website=Tahoe Resources, Inc.|
Regional exploration in Guatemala was suspended in 2013 following the government's proposed moratorium on new exploration licenses. Exploration since that date has focused only on the 79.9 km2 granted concessions surrounding the Escobal mine. Dialogue continues with the Ministry of Energy and Mines to grant additional exploration licenses while community work continues in areas of exploration interest.<ref name="auto">{{Cite web|title=Tahoe Resources Reports 2016 Exploration Results|url=https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1048-tsx/tho/28017-tahoe-resources-reports-2016-exploration-results.html|agency=Junior Mining Network|website=juniorminingnetwork.com|access-date=Jan 9, 2017}}</ref>
In July 2017 Tahoe announced that the Supreme Court of [[Guatemala]] had issued a decision to temporarily suspend its Escobal mining license in response to action brought by an anti-mining organization that claimed Guatemala's Ministry of Energy and Mines had violated the Xinca Indigenous people's right of consultation in advance of granting the permit.
<ref>
| url= https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1048-tsx/tho/34046-tahoe-resources-escobal-mining-license-in-guatemala-suspended.html
|title = Tahoe Resources: Escobal Mining License in Guatemala Suspended
|agency=www.juniorminingnetwork.com
|
</ref>
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On February 9, 2015, Tahoe Resources announced a merger with [[Rio Alto Mining]], owner of the La Arena gold mine in northern Peru, for $1.12 billion. The merger was completed on April 1, 2015.<ref>{{Cite web|url=https://www.reuters.com/article/rio-alto-ming-ma-tahoe-resources-idUSL1N0VJ0MM20150209|title=Tahoe Resources to buy Rio Alto Mining for $1.12 bln|last=Rocha|first=Euan|date=February 9, 2015|website=Reuters.com|publisher=Thomson Reuters|access-date=March 15, 2016}}</ref>
La Arena produced a company record 222,255 ounces of gold in 2014, beating estimates,<ref>{{Cite web|url=http://www.kitco.com/news/2015-02-09/Tahoe-Resources-To-Acquire-Rio-Alto-Mining.html|title=Tahoe Resources To Acquire Rio Alto Mining
La Arena is located 480 km. north-northwest of Lima, in the eastern slope of the Western Cordillera, close to the Continental Divide, at approximately 3,400 meters above sea level. It contains two types of deposits: oxide gold in brecciated sandstone as well as copper-gold sulfide mineralization.
In January 2016, Measured and Indicated oxide resources totaled 120.8 million tonnes with an average gold grade of .32 g/t and Proven and Probable oxide reserves of 80.3 million tonnes, with an average gold grade of .36 g/t containing 919,000 ounces of gold. Meanwhile, Measured and Indicated sulfide resources for the La Arena deposit totaled 274 million tonnes with average gold and copper grades of .24 g/t and .33 percent, respectively. Proven and Probable sulfide reserves are 63.1 million tonnes with average gold and copper grades of .31 g/t and .43 percent, respectively.<ref>{{Cite web|url=http://www.tahoeresources.com/operations/la-arena-mine/|title=La Arena Mine
=== Shahuindo Gold Mine ===
In the merger between Tahoe Resources and Rio Alto Mining, Tahoe Resources took ownership of Shahuindo gold project, which Rio Alto had acquired from Sulliden Gold in August 2014.<ref>{{Cite web|url=http://www.mining-technology.com/projects/shahuindo-gold-project-cajabamba/|title=Shahuindo Gold Project, Cajabamba, Peru
Shahuindo is located in a prolific gold-producing area in northern Peru, 30 km. north of the La Arena mine, on the west side of the Condebamba River Valley. With topography varying from rolling hills to steep ravines, its elevation ranges from 2,400-3,600 meters above sea level. The [[World Wide Fund for Nature|World Wildlife Fund]] has designated this area as neo-tropical Peruvian "[[Yungas]]."
The mine's technical report dated January 2016 reflects Measured and Indicated oxide resources of 143.1 million tonnes with an average gold grade of .50 g/t, containing 2.28 million ounces of gold. Proven and Probable oxide reserves total 111.9 million tonnes with an average grade of .53 g/t, containing 1.91 million ounces of gold. Mineral reserves increased 87 percent over the previous technical report.<ref>{{Cite web|url=http://www.tahoeresources.com/operations/shahuindo-mine/|title=Shahuindo Mine
=== Timmins West Gold Mine ===
In the 2016 merger between Tahoe Resources and Lake Shore Gold, Tahoe Resources acquired the Timmins West mine, located 18 km. west of Timmins, Ontario, Canada, which in 2013 was ranked the 8th largest gold-producing region in the world.<ref>{{Cite web|url=http://www.mining-technology.com/features/feature-ten-largest-gold-producing-countries-china/|title=The top 10 gold producing countries
The mine is located on one of the world's most prolific gold camps, and the mine property comprises an area of about 14.5 square km. Ore from the mine is accessed using mobile equipment via internal ramps both from the surface and the main shaft. The mine currently produces 2,700 tonnes per day of ore, which is trucked to the Bell Creek mill, 42 km. away, for processing.
In 2015, the mine produced 139,000 ounces of gold from 1,011,000 tonnes processed at an average gold grade of 4.4 g/t. In January 2016, Probable mineral reserves came to 2.9 million tonnes with an average gold grade of 4.2 g/t, containing 392,000 ounces of gold.<ref>{{Cite web|url=http://www.tahoeresources.com/operations/timmins-west-mine/|title=Timmins West Mine
In January 2017 Tahoe reported it had discovered significant extensions of mineralization in the 144 Trend, deep Timmins West, Bell Creek, Vogel, Whitney and Gold River zones in the Timmins district of Canada.<ref name="auto"/>
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In January 2015, the mine produced 39,700 ounces of gold from processing 296,200 tonnes at an average grade of 4.4 g/t. As of January 1, 2016, Measured and Indicated Mineral Resources for the Bell Creek deposit totaled 4.8 million tonnes with an average gold grade of 4.4 g/t containing 680,000 ounces of gold. Proven and Probable Mineral Reserves (inclusive of Mineral Resources) are 2.1 million tonnes with an average gold grade of 4.5 g/t containing 309,000 ounces of gold. A large resource at depth indicates a near-term opportunity to expand production and extend the mine's life.
The mill features a conventional gold mill circuit, with crushing and grinding followed by carbon-in-leach and carbon-in-pulp processes for gold recovery. A portion of gold is recovered by gravity before the leaching process.<ref>{{Cite web|url=http://www.tahoeresources.com/operations/bell-creek-complex/|title=Bell Creek Complex
== Awards ==
Tahoe Resources has received the following awards:
* Mid-cap winner, Best sustainability, ethics and environmental governance program, Canadian Society of Corporate Secretaries (CSCS), 2015<ref>{{Cite web|url=http://www.newswire.ca/en/releases/archive/August2015/17/c4594.html|title=Canadian Society of Corporate Secretaries (CSCS) Announces Winners of the Third Annual Excellence in Governance Awards
* Precious Metals and Mining TopGun CEO awarded to Kevin McArthur, Brendan Wood International, 2015/2016<ref>{{Cite web|url=http://topgunpress.com/brendan-wood-announces-topgun-ceos-in-canada-selected-by-shareholders/|title=Brendan Wood Announces TopGun CEOs in Canada: Selected by Shareholders, Dollarama's Larry Rossy wins TopGun CEO of the Year
* Precious Metals and Mining TopGun Company, Brendan Wood International, 2015/2016<ref>{{Cite web|url=http://topgunpress.com/brendan-wood-announces-topgun-companies-in-canada-selected-by-shareholders/|title=Brendan Wood Announces TopGun Companies in Canada: Selected by Shareholders, Dollarama wins TopGun Company of the Year
* Precious Metals and Mining TopGun Board, Brendan Wood International, 2015/2016<ref>{{Cite web|url=http://topgunpress.com/brendan-wood-announces-topgun-boards-of-canada-selected-by-shareholders/|title=Brendan Wood Announces TopGun Boards of Canada: Selected by Shareholders, ARC Resources Ltd is awarded TopGun Board of the Year
== Alleged Role in Violence Related to Escobal Mine in 2013 ==
Local residents' [[Escobal mine protests|resistance to the
In April 2013, a series of protests began among residents of San Rafael on the public road near the mine. On April 27, seven people were shot when security guards working at the Escobal mine opened fire on 20 protesters. In a release issued on May 1, 2013, Tahoe Resources stated that the protesters were armed with machetes.<ref>{{Cite web|url=http://www.tahoeresources.com/tahoe-clarifies-reports-regarding-incidents-near-escobal-project/|title=Tahoe Clarifies Reports Regarding Incidents Near Escobal Project
Rotondo no longer works for Tahoe Resources.<ref>{{Cite web|url=
The seven men who were shot filed a civil lawsuit (Garcia v. Tahoe Resources Inc.) against Tahoe Resources in June 2014, alleging that Rotondo ordered the shooting and that Tahoe Resources was legally responsible for the shooting. The suit alleged assault, aggravated assault, and obstruction of justice, and that the shooting was premeditated.<ref>{{cite news
The coverage of the human rights violations caused a crash in stock value for the company.<ref>{{Cite web|last=Colgrove|first=Sarah|last2=Imai|first2=Shin|title=Investors are increasingly shunning mining companies that violate human rights|url=http://theconversation.com/investors-are-increasingly-shunning-mining-companies-that-violate-human-rights-154702|access-date=2021-04-18|website=The Conversation|language=en}}</ref>
== Key People<ref name="Tahoe Resources Management Team">{{cite web|url=http://www.tahoeresources.com/company-information/management-team/|title=Management Team - Tahoe Resources Inc., New Leader in Precious Metals|website=www.tahoeresources.com}}</ref> ==▼
Kevin McArthur, Founder and Executive Chair▼
▲== Key
* Ron Clayton, president and chief executive officer
== Board of
▲Elizabeth McGregor, Vice President and Chief Financial Officer
* Ron Clayton, president and chief executive officer, director
▲Brian Brodsky, VP Exploration
* Tanya Jakusconek▼
▲Tom Fudge, VP Operations
* Drago Kisic▼
* Alan C. Moon▼
▲Edie Hofmeister, VP Corporate Affairs
* Paul B. Sweeney▼
* James S. Voorhees▼
▲Charles V. Muerhoff, VP Technical Services
* Kenneth F. Williamson▼
* Dr. Klaus Zeitler▼
▲Mark Sadler, VP Projects Development
▲Mark Utting, VP Investor Relations
▲Peter Van Alphen, VP Operations, Timmins
▲== Board of Directors<ref name="Tahoe Resources Board of Directors">{{cite web|url=http://www.tahoeresources.com/company-information/board-of-directors/|title=Board of Directors - Tahoe Resources Inc., New Leader in Precious Metals|website=www.tahoeresources.com}}</ref> ==
▲Kevin McArthur, Executive Chair
▲A. Dan Rovig, Lead Director
▲Tanya Jakusconek
▲Drago Kisic
▲Alan C. Moon
▲Paul B. Sweeney
▲James S. Voorhees
▲Kenneth F. Williamson
▲Dr. Klaus Zeitler
== Offices ==
* Vancouver, Canada
* [[Reno, Nevada]], USA
* [[
* [[Guatemala City|Guatemala City, Guatemala]]▼
* [[Toronto]], Canada▼
▲[[Guatemala City|Guatemala City, Guatemala]]
▲[[Toronto]], Canada
==See also==
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== External links ==
* [http://www.m3eng.com M3 Engineering]
* [http://www.tahoeresourcesinc.com Tahoe Resources Inc.]
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* {{cite web |url=http://upsidedownworld.org/main/guatemala-archives-33/4270-state-of-siege-mining-conflict-escalates-in-guatemala |title=State of Siege: Mining Conflict Escalates in Guatemala |author=Sandra Cuffe |date=May 2, 2013 |publisher=Upside Down World }}
[[Category:Companies listed on the New York Stock Exchange]]▼
[[Category:Mining companies of Canada]]▼
[[Category:Companies based in Vancouver]]
▲[[Category:Mining companies of Canada]]
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