Here's Why Tahoe Resources Fell as Much as 13.2% Today
Shares of precious-metal miner Tahoe Resources (NYSE: TAHO) fell over 13% today after the company announced an update regarding its Escobal mine in Guatemala. The Guatemalan Supreme Court issued a clarification about the specific geographic regions included in the consultation with Xinca communities conducted by the Ministry of Energy and Mines (MEM), which must report back to the Court within 12 months. The consultation process was mandated in the Court's recent decision to reinstate the company's operating license at Escobal.
In other words, nothing really changed, although more details were provided to the company. But that wasn't the only news today.
Tahoe Resources also announced the Supreme Court denied the company's request to order MEM to renew its export credentials for the year ahead. That essentially makes the company's operating license worthless at the moment. As of 2:11 p.m. EDT, the stock had settled to a 12.2% loss.
Source: Fool.com
