Timmins mine the good news story in a tough quarter for Tahoe – by Len Gillis (Timmins Daily Press – November 7, 2018)

https://www.timminspress.com/

Like other gold companies across the North, the third quarter of 2018 was not kind to Tahoe Resources Inc., the parent company for Tahoe Canada which operates the Timmins West mining complex and the Bell Creek Mine and Mill in Timmins.

Like other gold companies across the North, the third quarter of 2018 was not kind to Tahoe Resources Inc., the parent company for Tahoe Canada which operates the Timmins West mining complex and the Bell Creek Mine and Mill in Timmins.

The company has reported a third quarter earnings loss of $190 million, which compares with a loss of only $8.4 million for the same period last year. This represents a $0.61 loss per share.

In the year-to-date column, this means Tahoe earnings are at a loss of $212.4 million to the end of September 2018. This compares with a year-to-date earnings for this time last year, when the company had a positive position at $99.8-million.

Company executives spoke about the results during a conference call held Wednesday morning. Jim Voorhees, the president and CEO of Tahoe, said a major part of the Q3 loss was due to the $170-million non-cash impairment the company had because of the forced shutdown of Tahoe’s huge Escobal silver mine in Guatemala.

Also on the call was Elizabeth McGregor, Tahoe’s vice-president and chief financial officer. She explained that the “adjusted loss” took in account the non-cash impairment.

For the rest of this article: https://www.timminspress.com/news/local-news/timmins-mine-the-good-news-story-in-a-tough-quarter-for-tahoe

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