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Sep 11, 2017

Tahoe shares surge as Escobal licence reinstated

McCreath: Eldorado Gold stock going way down

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Tahoe Resources surged in early trading Monday after Guatemala's Supreme Court reinstated the company's licence for its Escobal mine.

The decision marks the latest twist in a saga that has battered shares in Tahoe Resources (THO.TO).

Last month the Constitutional Court, Guatemala's top court of law, upheld a lower tribunal's preliminary decision to suspend the two mining licences over whether the indigenous community had been properly consulted by San Rafael.

Escobal is one of the world's largest silver mines and the mining licences have been suspended since July 5 following a complaint by an environmental group about the consultation.

Related to the court's latest ruling, Guatemala's ministry of energy and mines will carry out consultations with Xinca indigenous groups.

Tahoe cautioned on Monday that it expects several groups might appeal the Supreme Court's decision. The miner also said there's an ongoing roadblock, making it impossible to immediately restart work at Escobal.

"The company respects the rights of indigenous people in all jurisdictions in which we operate and are always willing to engage with any community members in those jurisdictions," said Tahoe CEO Ron Clayton in a press release. "We remain focused on peacefully resolving the blockade at Casillas."

- With files from Reuters