TIMMINS – It has been just over a year that Tahoe Resources Inc. came onto the mining skyline in Timmins and in that period the company has wasted no time moving forward. In fact Tahoe is poised to spend upwards of $350 million in the Timmins area this year alone.
That was part of the welcome news brought to the table Thursday afternoon by Mark Utting, Tahoe’s vice-president of investor relations. Utting was the keynote speaker at the Investor’s Forum held as part of the Big Event Canadian Mining Expo at the McIntyre Community Building.
He recalled that it was April 1 of last year that Tahoe moved in to acquire all the assets of Lake Shore Gold, the newest commercial gold mining company in the city, with operations at Bell Creek and the Timmins West mining complex.
“What that deal did is it brought a precious metals producer with aggressive growth plans and one of the strongest balance sheets in the industry to Timmins,” Utting told the audience. “And I can tell you Tahoe wasted very little time bringing it’s financial prowess to this community.”
While other companies at the forum spoke of spending in the millions of dollars, or even the tens of millions, Utting said Tahoe’s spending is much higher.
“This year alone, we’ll invest between U.S. $125 million and U.S. $145 million in capital. So put that in Canadian dollars and we’ll call it $170 million to $190 million.”
He said this would be in addition to the fact the company already spends roughly $180 million per year in operating costs and an additional $20 million to $25 million in exploration spending as well.
“You look at what the company is doing in the community and for our business here and around Timmins and you can get that number at over $350 million this year alone,” he said.
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