Tahoe surges on strong results

Note* - All images used are for editorial and illustrative purposes only and may not originate from the original news provider or associated company.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from any location or device.

Media Packs

Expand Your Reach With Our Customized Solutions Empowering Your Campaigns To Maximize Your Reach & Drive Real Results!

– Access the Media Pack Now

– Book a Conference Call

– Leave Message for Us to Get Back

Related stories

Western Australia Iron Ore Discovery Reshapes Global Market

Western Australia is now the world's biggest iron ore...

Africa Gold Mines: Second Largest Acquires Yatela, Morila

The Yatela and Morila gold mines were formally taken...

Africa Rail Infrastructure Powers Mineral Trade Growth

Africa rail Infrastructure is getting a new lease of...

US Eyes Rubaya Mine in Congo for Coltan Reserves

In a recent move, the Democratic Republic of Congo...

Peruvian Shahuindo project first pour early next year

Shares of Tahoe Resources Inc (NYSE:TAHO) shone in an otherwise lacklustre day on precious metals markets after the company announced better than expected third quarter financial results on the back of a strong operational performance and near-record breaking cash flows despite the fall in metals prices.

The Vancouver-based miner was trading 11% higher in Friday afternoon trade on the New York Stock Exchange in heavy volume with some 1.5 million shares changing hands. The $1.7 billion company like its peers is experiencing a torrid 2015 with the counter losing nearly 40% year to date.

The company reported operating earnings of $40.1 million during the three months to end-September, on revenues of $145 million generate from its Escobal silver mine in Guatemala and the La Arena gold mine in Peru.

Operating cash flow was a robust $53 million. That boosted the company’s cash pile to a healthy $110.6 million. Sales consisted of 5.5 million ounces of silver, 59,814 ounces of gold, 2,557 tonnes of lead and 2,753 tonnes of zinc.

Silver production from Escobal was a record 5.8 million ounces in concentrate for the quarter, and 14.9 million ounces year to date. Escobal is the world’s third largest primary silver mine.

Gold production from La Arena was 57,415 ounces in doré for the quarter and 117,697 ounces from April 1 to date. All-in sustaining cost came in at $9.72 per silver ounce produced and $729 per gold ounce produced.

Tahoe entered into a friendly $1 billion deal with Rio Alto Mining in February, acquiring La Arena and the Shahuindo gold project in Peru that is on track for first production early next year.

The project’s technical report of November 2012 will be updated before the end of the year according to Tahoe. The 2012 study detailed measured and indicated resources totalling 147.3 million tonnes with gold and silver grades of 0.515 g/t and 7.1 g/t.

Tahoe’s 2015 production guidance is between 160,000 – 170,000 ounces of gold and 18–21 million ounces of silver.

Guatemala’s Constitutional Court recently ruled that a 10% mining royalty lawmakers passed in late 2014 was unconstitutional and that the 1% royalty rate in place since 1996 will stay in place until a new regime is negotiated with the new government which won a landslide election last month.

Latest stories

Related stories

Western Australia Iron Ore Discovery Reshapes Global Market

Western Australia is now the world's biggest iron ore...

Africa Gold Mines: Second Largest Acquires Yatela, Morila

The Yatela and Morila gold mines were formally taken...

Africa Rail Infrastructure Powers Mineral Trade Growth

Africa rail Infrastructure is getting a new lease of...

US Eyes Rubaya Mine in Congo for Coltan Reserves

In a recent move, the Democratic Republic of Congo...

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from any location or device.

Media Packs

Expand Your Reach With Our Customized Solutions Empowering Your Campaigns To Maximize Your Reach & Drive Real Results!

– Access the Media Pack Now

– Book a Conference Call

– Leave Message for Us to Get Back