Tahoe Resources Inc. (TAHO,THO.TO) reported that government-proposed mining law reforms in Guatemala should not affect its Escobal project. Media reports released this morning outlined a proposal from President Perez Molina's administration to allow state ownership in mining projects.
Company communications with high-level officials in Guatemala's Ministry of Energy and Mines or MEM indicate that the government has no intention of acquiring an interest in the Escobal project or other mining projects in the country, Tahoe Resources said.
According to CEO Kevin McArthur,"The government of Guatemala has not made any approach to the Company regarding this proposed reform, nor do we expect it to. Full permitting for the 100%-owned Escobal project is still anticipated in the second half of 2012."
Tahoe Resources said MEM officials have explained that they believe the proposal is intended to promote early-stage mining exploration in Guatemala. Meanwhile, construction of Escobal continues on schedule and the Company does not expect any delays to completion.
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