TIMMINS – Despite the legal difficulties Tahoe Resources is having at its Escobal silver mine in Guatemala, the company reports strong financial results for the second quarter of 2017, thanks in part to the company’s gold operations. Earnings per share ($0.11) have doubled what they were for the same period last year ($0.05).
Tahoe president and CEO Ron Clayton told shareholders this week the gold side of the company is helping to sustain Tahoe, despite the fact the Escobal mine is shut down because of a dispute with some local residents.
The Escobal operation is the third-largest silver mine in the world. The gold side of Tahoe includes the Timmins West mining complex and the Bell Creek Mine. Tahoe also has gold properties in Peru – those being the Shahuindo Mine and La Arena Mine. Clayton said work at the Timmins operations was going well.
“Our Timmins mines produced about 41,000 ounces in the second quarter and 85,000 ounces year to date, with costs in line with our expectations as we continue to make great progress on the Bell Creek shaft project,” he told shareholders during a teleconference.
Formerly known as Lake Shore Gold in Timmins, Tahoe is in the midst of an $80-million shaft expansion project at the Bell Creek Mine in Porcupine, designed to increase production and set the company up to accept more ore tonnage from new local gold properties in the coming years.
Clayton said one of the reasons for the continued strong performance from the gold operations was the production costs. He said the cost per ounce in the last quarter was $601 U.S. with all-in-sustaining-costs of only $925 U.S. per ounce.
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