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Escobal Suspended

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Description
Key Specs
Milestones Log and News
Related Companies by type, sector and country
Key People

Project Stages

The development stages in the projects are displayed in the standard sequence for the industry. However, projects may be developed in a different sequence because of corporate decisions or events that push the owner to repeat stages. To access the full details of this project’s history please explore its milestones

Early Works

In Construction

Operation

Current Stage In production

Project Details

Description

Vancouver-based Tahoe Resources' Escobal silver project is located in Guatemala. Escobal hosts indicated resources of some 300Moz silver equivalent and inferred resources of 95.2Moz silver equivalent. It also contains gold, lead and zinc. The deposit would have an 18-year mine life. Open-pit production is projected for late 2014. Tahoe acquired Escobal from Goldcorp in June 2010 for a total consideration of US$505mn.

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Milestones Log and News

Nov/14/2018

Pan American eyes global silver top spot with Tahoe deal

Nov/07/2018

Tahoe loss widens on US$170mn Escobal impairment

Oct/11/2018

Tahoe reports Guatemala court resolution

Sep/10/2018

Tahoe targets cost reductions as Escobal consultation advances

Sep/07/2018

Tahoe hopes to restart Escobal following court ruling

Sep/05/2018

Guatemala ministry urged to speed up Escobal consultation

Sep/04/2018

Guatemala court confirms Tahoe mine suspension

Aug/27/2018

Tahoe contractors kidnapped in Guatemala

Aug/22/2018

Guatemala politicians call for prompt ruling on Tahoe license

Aug/20/2018

Tahoe announces further Guatemala workforce cuts

Jul/19/2018

Guatemalan business group demands clarity on Escobal court delay

Jun/22/2018

Mine suspensions weigh on Guatemala metals exports

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Disclaimers

* Figures and dates are as per the latest publicly available information, as well as information gathered by BNamericas reporters and analysts and are subject to change.
* Changes to original budget estimates are shown as the total figure available and may include interest, working capital, inflation adjustments and other contingencies in addition to capital expenditure.
* Amounts and overall results are shown in US dollars unless otherwise stated.
* BNamericas does not guarantee the sequence, accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. There are no express or implied warranties. In no event shall BNamericas, its agents, directors, officers, employees, representatives, successors, and assigns be liable for any damages of any nature in connection with BNamericas content.

Key Specs

Full Name

Escobal

Project Type

Open pit mining, Silver

Development Phase

In production

Project Status

Suspended

Project Capacity

Open pit mining
20 Moz/y (million ounces per year) Silver

Investment

US$ 327mn

Completion Date

2014

Lifespan

Location

The Escobal project is located in Guatemala, some 70km southeast of Guatemala City.

* The map coordinates provided represent the approximate latitude and longitude, and not the exact location, of the project in question.

Key People

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Owner / operator

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Procurement Manager

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Project Manager

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Executive Vice President & Chief Operating Officer

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Head of PR and Communication

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Name	Position	Company	Email	Phone Number
Minera San Rafael S.A.	Owner / operator		adavila@sanrafael.com.gt	502-79553800
Manuel Amezquita	Procurement Manager	Minera San Rafael	mamezquita@sanrafael.com.gt	502-42153382
Dimitri Tolstov	Project Manager	Minera San Rafael	dtolstov@sanrafael.com.gt	502-59220237
Ron Clayton	Executive Vice President & Chief Operating Officer	Tahoe Resources		1-775-4485807
Andrés Dávila	Head of PR and Communication	Minera San Rafael	adavila@sanrafael.com.gt	502-24639300

Definitions

Projects covered include state-owned and private projects in the Infrastructure, Electric Power, Oil & Gas (excluding upstream), Water and Waste, and Mining sectors.

Where applicable, a project is considered as such until the end of construction and ramp-up to full capacity (with the exception of mining projects, where the date of commissioning signifies the end of the project). Projects must have a:

a) Start date
b) Estimate for completion
c) Initial investment estimate

Data

For state-owned projects, initial information about the start date and estimates for completion and investment are taken from original signed contracts, along with addendums and annexes.

If original contracts cannot be obtained, information is taken from public documents, presentations, news articles from BNamericas archives, and external sources.

In cases where contracts are subject to approval by legislators, the start date is the date of the law or legislative approval.

In the case of private projects, information is taken from public sources, such as stock exchange filings, annual reports, company presentations, third party research and press releases.

In judging the timing of investment decisions for private projects, great care was taken to differentiate between large projects receiving environmental approval and proceeding directly to construction, and smaller projects where the investment decision hinges on securing financing.

Best care is taken to ensure that recorded data is correct at the time of entry and that each entry is backed with a relevant source.

The greatest care possible was taken to ensure consistency of information in order make a like-for-like comparison in project costs. Insofar as the figures rely on disclosure by the organization or company responsible, the figures can be considered to be conservative in nature.

No attempt was made to adjust figures for inflation during the course of research or for consideration of the time value of money.

Validation

In the case of state-owned projects, validation is carried out where possible with either a member of the consortium, EPC contractor, a relevant state agency or advisors to either party.

Currency

Projects costs are measured in US dollars. Where project costs are measured in a local currency, amounts are converted to US dollars at the date of the relevant announcement, signature or report.

Severity of deviation from original estimates

The severity of deviation from original estimates is defined according to set criteria.

Timing

Status	Condition
Ahead of time	95% of original estimate or below (measured in months)
On time	95% to 105% of original estimate
Minor changes	105% to 120% of original estimate
Medium changes	120% to 160% of original estimate
Major changes	Over 160% of original estimate

Budget

Status	Condition
Ahead of budget	95% of original budget estimate or below
To budget	95% to 105% of original budget estimate
Minor changes	105% to 120% of original budget estimate
Medium changes	120% to 140% of original budget estimate
Major changes	Over 140% of original budget estimate

Changes in Scope

Changes in scope beyond the start date are not accounted for.

Language definitions

Where guidance is non-specific as to dates for completion, the following is used.
Project to be completed by 2018 = December 31, 2017
Project to be completed in 2018 = December 31, 2018