Hedge funds slash bullish wagers on gold over Trump election win
The precious metal has fallen about 8% from a record high on Oct. 31, with losses accelerating after Trump’s election victory last week.
A Guatemalan court of appeals has challenged Tahoe Resources’ (NYSE: TAHO) operating license for its Escobal silver project located in San Rafael, Las Flores.
The court ruled on Wednesday that the license granted by the minister for energy and mines did not consider 250 oppositions filed against the project, the Associated Press reports. The ruling stipulates that the minister has three days to submit a new resolution that considers all filed oppositions.
At 11:30 am ET Prensa Libre tweeted that the court had suspended Tahoe’s license – based on an announcement made at a press conference held by CALAS (Centro de Acción Legal-Ambiental y Social de Guatemala), an environmentalist group.
However a spokesperson for the company told MINING.com the announcement is far from the truth. Tahoe acknowledged a ruling, but said it only states that “a mines ministry director should have conducted hearings on some of oppositions that were filed many months ago against the issuance of the exploitation license.”
Tahoe emphasized the court did not invalidate or comment on the exploitation license in today’s decision. It also added its subsidiary Minera San Rafael will file an appeal within 48 hours at the Constitutional Court, which may take several weeks to rule.
CORRECTION: Story originally implied that Tahoe’s mining license had been suspended. Post has been updated and corrected.
Comments
Charlie Michael
No matter who goes where, to dig a hole, immediately the original ‘contract’ becomes a ball with many strings. Mining companies are sitting ducks because they invest the money and furnish the equipment to put people to work and develop a mine, and some ‘political agency’ then turns the preliminary investment into their own cash cow by changing the rules, stocks, and conditions of the previously approved stipulations met by the developing mine holders.
In essence, all of a sudden AFTER AN ORE BODY IS EXPOSED AND PROVEN, the government of any country wants to assume control of the franchise. Not that any of those types have any experience in making the mine successful or productive.