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Tahoe Resources Inc.


Tahoe Resources Inc. is a publicly traded company led by experienced mining professionals who are dedicated to the responsible production of precious metals in the Americas. In its quest to build and operate a world class silver mine, the company is dedicated to maximizing shareholder value while working to the highest standards of environmental protection and community engagement. Tahoe's flagship 100%-owned Escobal project is located in southeastern Guatemalan, approximately 70km from Guatemala City, near the municipality of San Rafael las Flores. As a new leader in silver, the company recognizes our responsibility to its shareholders, employees and communities.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Stephen Walker, RBC Capital Markets (12/14/14) "We came away impressed with Tahoe Resources Inc.'s Escobal site visit, in which we saw a smooth-running operation, strong management execution, and a solid corporate social responsibility program. The company continues to offer exposure to 20 Moz/year of low-cost silver production and a 1.5% dividend yield. . .it has a proven management team, and we view the Escobal silver mine in Guatemala as a world-class, low-cost operation with exploration upside and an approximately 20-year mine life. . .Tahoe is expected to remain a leading North American silver producer in 2015. . .we believe its shares will outperform the peer group."

Geordie Mark, Haywood Securities (12/12/14) "With lower oil prices, Tahoe Resources Inc. is likely to be exposed to lower input costs for site power generation at Escobal."

Andrew Kaip, BMO Capital Markets (12/12/14) "We attended a site visit to Tahoe Resources Inc.'s Escobal mine with senior management. . .the company is in the process of increasing capacity to 4.5 Ktpd with the first upgrade expected to take place in mid-January. . .mining operations continue to be focused on the Central zone with production from the East zone targeted to begin in late 2015."

Matthew O'Keefe, Dundee Capital Markets (12/11/14) "Tahoe Resources Inc.'s Escobal impresses. . .our overall impression of operations at the Escobal mine was very positive, which is what we've come to expect from Tahoe's top-tier operating team. We have updated our model post site visit resulting in our target increasing to CA$23/share from CA$22/share. With a stable 1.8% dividend, healthy balance sheet, best-in-class management team and top-tier asset, we reiterate our Buy rating on Tahoe Resources."

GMP Securities (12/8/14) "In its first year of production, Tahoe Resources Inc.'s Escobal has delivered, which has led the company to declare an initial dividend (that equates to a yield of approximately 1.5%). As we head into 2015, we expect expansion to 4,500 tpd to maintain sector-leading free cash flows even at today's metal prices."

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Michael Gray, Macquarie Capital Markets (12/2/14) "Monday, before market open, Tahoe Resources Inc. announced that the Guatemalan congress has passed legislation on Friday that would increase statutory royalties in the mining law to a total of 10%. . .we reiterate our Outperform rating but decrease our target. . .while the new royalty legislation hurt most economic metrics by ~10%, Escobal is still a best-in-class silver mine."

Chris Thompson, Raymond James (12/1/14) "Guatemalan congress has passed legislation increasing mining royalties to 10%. Tahoe Resources Inc. currently pays 5% on a voluntary basis. . .even with a 10% royalty, in our view Escobal still ranks as a top-tier, economically robust asset, worthy of a premium valuation relative to peers ($112M in 2015E FCF at $17/oz). . .we are attending a site visit to Escobal next week, which we hope will provide detail on operating assumptions and ramifications of the royalty increase."

Christopher De Sousa, Seeking Alpha (11/17/14) "Tahoe Resources Inc. is a Canadian low-cost, high-grade silver producer focused on its 100%-owned flagship Escobal project in southeast Guatemala; the company recently reported Q3/14 earnings that missed analysts' consensus estimates, mainly because of weak commodity prices. . .Tahoe is a newly dividend paying silver mine, backed with a solid financial position, and manageable debt levels. . .Tahoe has a competitive cost profile, and is rated one of the lowest in the silver-mining space, meaning it can still generate substantial cash and profits even at current, or lower silver prices. This cost advantage is what separates it from other industry peers."

Geordie Mark, Haywood Securities (11/12/14) "Tahoe Resources Inc. reported Q3/14 operating cash flow of $35M ($0.24/share) on revenues of $90M and earnings before interest, tax, depreciation and amortization deductions (EBITDA) of $41M, which came in ahead of our estimates of $25M ($0.17/share) operating cash flow on revenues of $77M and EBITDA of $30M. . .due to higher realized metal prices and sales as operations were in-line with our estimates. . .focus going forward remains driving operating cost improvements. . .and optimizing recoveries. . .in a surprise move (for us), the company announced a $0.02/share monthly dividend policy representing a 1.4% yield and long-term payout ratio of approximately 30%."

Andrew Kaip, BMO Capital Markets (11/11/14) "Importantly, Tahoe Resources Inc. announced the inauguration of a monthly dividend policy consisting of $0.02/share beginning in December 2014. The company exited Q3/14 with $78.9M in cash and equivalents and generated ~$53.7M of free cash flow during the quarter."

Stephen Walker, RBC Capital Markets (11/11/14) "Tahoe Resources Inc. announced a CA$0.02 per share monthly dividend, expected to start in December. . .the Q3/14 ending cash and equivalents position was $79M, up from $51M at June 30th. . .we continue to expect the company to repay the remaining $50M debt in June 2015. Throughput of 3,710 tpd was slightly above our estimated 3,650 tpd. . .the expansion to 4,500 tpd from 3,500 tpd remains on track for late 2015, which we expect to offset a planned decline in grades."

Michael Gray, Macquarie Equity Research (11/6/14) "Tahoe Resources Inc. reported an updated mineral reserve and resource estimate along with highlights from a feasibility study for its 100% owned Escobal Ag-Au-Pb-Zn mine in Guatemala. Measured and Indicated resources were 39 Mt at 346 g/t Ag for 434 Moz Ag. . .expansion to 4.5 K-tpd will cost $24M, and the mine plan calls for 20 Moz Ag per annum for the next five years. . .it's still one of the lowest cost silver producers in the world; we reiterate our Outperform recommendation. . .Escobal is a best-in-class silver mine managed by a top-notch management team."

Chris Thompson, Raymond James (11/6/14) "We believe that the Escobal project's robust operating margins (at current metal prices) and exploration potential continue to justify Tahoe Resources Inc.'s premium valuation, especially in the current volatile market for silver. . .ability to deliver 8 years of approximately 20 Moz Ag production (2014–2021), driven by a plant expansion in 2016 (from 3,500 to 4,500 tpd), at an all-in sustaining cost of about $10/oz exemplifies the robust economics and free cash flow generation offered. . .we see Tahoe as a stock to own based on management, operating margin and exploration upside."

Andrew Kaip, BMO Capital Markets (11/5/14) "Tahoe Resources Inc. announced the completion of a reserve and resource update and feasibility study for its Escobal mine in Guatemala. Reserves came in at 350.5 Moz Ag grading 347 g/t. . .the company has made significant inroads with respect to paste plant modifications, underground development and addition of a tailings filter to support a ramp-up to full production levels by year-end 2015. . .we forecast 2014 saleable production of 23.1 Moz Ag eq from Escobal at co-production cash costs of US$7.46/oz. . .cumulative Measured and Indicated resources were 434 Moz Ag grading 346g/t. . .we maintain our Speculative Outperform rating."

David Forster, Bank of America Merrill Lynch (10/15/14) "We have increased our rating on Tahoe Resources Inc. to Buy from Neutral as our lower silver price assumptions had a lesser relative impact on our Tahoe Resources valuation (our NAV fell only 5%). The company's lower silver leverage is driven by its low debt leverage and low cash costs (Tahoe guides to 2014 all-in sustaining costs of $8.85–9.85/oz), both of which should serve the company well in this lower silver price environment. We forecast Tahoe's net debt of $23M at the end of Q2/14 turned to net cash during Q3/14."

Ralph Profiti, Credit Suisse (10/7/14) "We are initiating coverage of Tahoe Resources Inc. with an Outperform rating and a 12-month target price of CA$30.50. We view it as one of the better positioned mid-tier precious metals companies under coverage both operationally and financially. Tahoe's high-grade silver-gold-lead-zinc Escobal mine in Guatemala provides strong operating margins and low cash costs, with a strong balance sheet and growth free cash flows to further support a dividend. The Escobal mine boasts one of the highest resource grades among primary silver mines at 422 g/t (Indicated category) and H1/14 silver cash cost (net of by-product credits) of $6.08/oz ranks among the lowest-cost primary silver mines in the world."

John Bridges, J.P. Morgan (9/18/14) "Even at current silver prices, Tahoe Resources Inc. generates significant cash flows and intends to initiate a dividend later this year. The proposed policy (pending approval from the board) is $0.04/share per month assuming prices remain at current levels."

Silver Investing News (9/14/14) "The Global X Silver Miners ETF aims to provide investors with exposure to a broad range of silver mining companies. . .with potential to significantly benefit from a rising silver price environment. . .A top-five holding of the ETF. . .Tahoe Resources is primarily focused on the Guatemala-based Escobal mine, which achieved commercial production in January. . .and hosts an Indicated silver resource of 367.5 Moz at an average grade of 422 g/t and an Inferred silver resource of 36.7 Moz at an average grade of 254 g/t. . .In Q2/14, Tahoe produced 5.8 Moz silver at a total cash cost of $5.65/oz and an all-in sustaining cost of $8.04/oz."

The Gold Report Interview with Charles Oliver (9/8/14) "Within my top 10, I have Tahoe Resources Inc. It has great management. Tahoe is run by Kevin McArthur, the ex-CEO of Goldcorp. . .I visited the Escobal silver mine in Guatemala in March and was very impressed. The company has ramped it up over the last year, and the process has been almost flawless. Tahoe has delivered what it promised and is exceeding guidance. It looks to produce 20 Moz Ag eq at below $5/oz for over a decade. This is one of the largest producing silver mines on the planet, and to accomplish that in the first year of operations is outstanding. . .Tahoe is going to be paying down the debt it took on to build Escobal. It should announce a dividend sometime this year. . .there is a discount [for operating in Guatemala], no question about it. There was local opposition to Escobal, and there are still holdouts, but I think the company has done a good job with community relations and brought most of the population to its side." More >

The Gold Report Interview with Keith Phillips (8/27/14) "Tahoe Resources Inc. CEO Kevin McArthur has done an outstanding job, and the Escobal silver mine in Guatemala is a truly world class. I'm sure Goldcorp is happy with Tahoe's stewardship of that asset. . ." More >

Leon Esterhuizen, CIBC World Markets (8/14/14) "Tahoe Resources Inc. reported its Q2/14 profit, with net earnings of $36.1M, equivalent to $0.25/share, up from $0.17/share in Q1/14 and consensus of $0.22/share; Q2/14 operating cash flows also increased, up to $58.9M, from Q1/14's $44.9M. These improved financials were delivered by the continued ramp-up at Escobal."

Chris Thompson, Raymond James (8/13/14) "We are increasing our target on Tahoe Resources Inc.'s stock to $30 (from $27.50). . .the company reported a big beat on operations in Q2/14—Escobal produced 5.8 Moz Ag (6.7 Moz Ag eq) at a cash operating cost of $5.65/oz Ag. . .and milled 311 Kt at a grade of 657 g/t Ag. . .recoveries of 88%. . .and costs of $101/t. . .we are cognizant of a number of potential positive catalysts anticipated in H2/14, notably the tabling of a dividend policy and the completion of an updated resource estimate and feasibility study for a 4,500 tpd plant/mine expansion."

Michael Gray, Macquarie Capital Markets (8/13/14) "Tahoe Resources Inc.'s Escobal is a 20 Moz/year best-of-breed silver asset with less than $10/oz all-in sustaining costs and operated by a top-notch management team. We are increasing our target for the company's stock to $34.50 (was $29) on a higher operating multiple of 1.1x NAV (was 1x) driven by lower execution risk, an accelerated 4,500 tpd expansion and longer life of mine. We would buy shares ahead of the dividend policy expected by year-end 2014. Tahoe reported a Q2/14 results beat with EPS of $0.25, via strong production of 5.8 Moz silver and lower all-in sustaining costs of $8.04/oz."

Matthew O'Keefe, Dundee Capital Markets (8/13/14) "Tahoe Resources Inc.'s Q2/14 production of 5.8 Moz was well ahead of our 5.1 Moz forecast. . .it appears that Escobal has now reached a steady state, less than a year since commissioning began, and has more to give."

The Gold Report Interview with Chris Thompson (8/13/14) "Tahoe Resources Inc. has absolutely met my expectations. . .its Escobal project in Guatemala was commissioned earlier this year, and, by all accounts, its ramp-up seems to be going smoothly. Tahoe is a company that offers an exceptionally well-qualified and well-respected management team. The Escobal asset is an anomaly in many respects in the silver sector. It is a very high-grade and a very economically robust project, one that stands to deliver significant cash flow in the near term. So in many respects Tahoe commands a premium valuation in the silver market at the moment for these reasons. There are a couple of key items that we're looking from Tahoe by the end of 2014. The first would be, obviously, the completion of its production ramp-up to 3,500 tpd. The second would be the declaration of a dividend, which the company had announced previously it intends to deliver. The third would be a balance-sheet reorganization. We anticipate that the company will take on a level of debt, which in many respects would be a relatively small component of the company's current capitalization. As far as our outlook for Tahoe goes, while we consider it fairly valued at current metal prices, we recognize the excellent job that management have done in building the industry's largest and most profitable silver projects." More >

Andrew Kaip, BMO Capital Markets (8/12/14) "After adjusting for a foreign exchange gain and share-based compensation, Tahoe Resources Inc.'s Q2/14 EPS came in at $0.26, above our and consensus estimates at $0.21. . .the earnings beat relative to our estimates was due to 28% higher silver production of 5.8 Moz, owing to higher silver grades (657 g/t versus ours at 550 g/t). . .the company is rated Outperform with a CA$33 target price."

The Gold Report Interview with Doug Groh (8/4/14) "Tahoe Resources Inc. initiated silver production this past year in Guatemala. While it was a slow start-up initially, it seems to have gotten off the ground and is ready to expand operations. We are quite encouraged by the results. We think it is going to be a stellar performer in the years to come. The market has now begun to recognize that and is giving it a much better valuation. [Company guidance is for 20 Moz of silver per year.] It is a high-grade deposit with a geometric shape, in terms of its width, that enables bulk-style mining methods, and thus relatively low costs per unit of production. Once it gets momentum, we should see some robust output. Tahoe has been a good performer, and we expect it will continue to be a good performer." More >

The Gold Report Interview with Sean Rakhimov (7/16/14) "Tahoe Resources Inc. is a relatively new silver company with what could be the best deposit in the space—the high-grade Escobal deposit in Guatemala. Tahoe is one of the larger silver producers, targeting 20 Moz per annum, and is very similar to Goldcorp in its earlier days. In fact, the people running the company and its flagship project came from Goldcorp. Tahoe has been in production for about two quarters and it is already making money. It is a bit premature to talk about benchmark numbers in terms of performance, yet all indications point to a very successful future. As long as geopolitics hold together, this is one of the better deals in the sector." More >

Morning Coffee (7/11/14) "Tahoe Resources Inc.'s unit operating costs are expected to decline over the remainder of 2014, potentially below budget, with improved economies of scale and productivity gains. . .on the back of the strong operating performance, Tahoe Resources has outperformed its silver producer peers and the senior gold producers by 25% and 33% year to date, respectively. The company has outperformed the silver price by 50% year to date."

The Gold Report Interview with Joe Foster (6/11/14) "Tahoe Resources Inc. is one of our Top 10 companies; it's a good performer. It has done a fantastic job starting its mine in Guatemala. It's becoming one of the dominant midtier silver producers. . .we've held Tahoe pretty much since the company was created." More >

The Gold Report Interview with Charles Oliver (5/19/14) "Tahoe Resources Inc. is among my top 10 silver holdings; it operates one of the world's newest silver mines. I visited Tahoe's Escobal mine in Guatemala earlier this year to check out its ramp-up period because that can be challenging. The company is doing a very good job of ramping up to nameplate capacity. Tahoe's Q1/14 results beat the expectations of most analysts and a number of them are revising their forecasts upward." More >

Morning Coffee (5/13/14) "Results from Tahoe Resources Inc.'s first quarter of commercial production, Q1/14, came in stronger than anticipated with silver production of 4.1 Moz (sales of 4.2 Moz) at $6.68/oz. . .year to date, the company has outperformed its silver peers and silver bullion."

Geordie Mark, Haywood Securities (5/12/14) "Tahoe Resources Inc. released Q1/14 operating results and financials, beating our expectations on higher throughput, as sales exceeded payable production. . .we have revised forecasts to incorporate higher throughput in Q2/14, which drives higher payer silver production (2014: 17.9 Moz Ag)."

Chris Lichtenheldt, Dundee Capital Markets (5/8/14) "Tahoe Resources Inc.'s Q1/14 CFPS of $0.27 beat our $0.22 estimate due to lower cash costs. . .production of 4.1 Moz silver in concentrate was relatively in line with our 4.2 Moz forecast. . .an average throughput of 3,041 tpd during the quarter, or 87% of 3,500 tpd design, is quite good for the first quarter of commercial production. . .we remain Buy rated."

Michael Gray, Macquarie Capital Markets (5/8/14) "Tahoe Resources Inc.'s Escobal is on track to become the third largest silver mine in the world. It has a combination of exceptional grades, low-cost mining characteristics and a high quality concentrate that makes Escobal a premium asset. We would buy Tahoe in advance of any dividend announcement and for exposure to silver production/commodity price leverage. We reiterate our Outperform recommendation."

Andrew Kaip, BMO Capital Markets (5/8/14) "After adjusting for a foreign exchange loss and share-based compensation, Tahoe Resources Inc.'s Q1/14 EPS came in at $0.18, above our estimate at $0.13 but essentially in line with consensus at $0.19. . .the Escobal ramp-up continues to progress above expectations with throughput, concentrate quality and metal recoveries meeting design and the company now generating free cash flow."

The Gold Report Interview with Michael Berry (4/14/14) "Tahoe Resources Inc. has a new mine down in Guatemala, which I think will be a very good producer." More >

The Gold Report Interview with Robert Cohen (3/31/14) "Tahoe Resources Inc. is a significant holding. The Escobal mine is fantastic. The knock on that stock is the fact that the mine is in Guatemala. Before Tahoe built Escobal, the company came through a lot of challenges from environmental groups. But Tahoe got it built. There are more than 360 Moz silver in this one project. A polymetallic silver mine is unusual. Escobal has zinc and lead. You don't often find rock in the ground that's worth more than $350/tonne. It's really hard to come up with a higher quality investment." More >

David Forster, Merrill Lynch (3/21/14) "We are initiating coverage on Tahoe Resources Inc. . .we like the company's low costs, strong cash flow outlook and experienced management. . .commercial production at Escobal was declared on January 1 and will drive the first year of revenues, earnings and free cash flows. We forecast cash flows from mine production ramp-up will move Tahoe's balance sheet into a net cash position by the end of 2014. By the end of 2014, we expect the company will announce a dividend policy."

The Gold Report Interview with Michael Gray (3/19/14) "Tahoe Resources Inc. recently achieved commercial production at the Escobal mine in Guatemala and has issued production guidance of 18–21 Moz for 2014. The company has an A team at Escobal. It delivered with minimal slippage in the timelines. It also delivered on corporate social responsibility initiatives. Escobal is an underground mine where the company has brought to bear all the latest technology to ensure that it is an environmentally responsible underground mine as it lies in the region of a farming community. That was a really important box ticked for Tahoe. . .Tahoe has a minimal debt for the production profile and the cash flow we see coming from the asset. At the same time, we would expect to see management address the debt before instituting a dividend policy." More >

Morning Coffee (3/17/14) "While not commercial in 2013, Tahoe Resources Inc. announced on Jan. 14, 2014 that Escobal had achieved commercial production as of Jan. 1. The company reiterated 2014 silver production guidance of 18–21 Moz. . . Kevin McArthur has been appointed vice chair and CEO."

The Gold Report Interview with Rick Rule (3/17/14) "There have been some really dramatic turnarounds so far this year in the gold and precious metals fund: Tahoe Resources Inc. was down 9% in Q4/12 and is it's up 48% year to date. . .Tahoe is, if not the finest, then one of the finest silver deposits in the world. It answered the question of "could it overcome its social license issues and mine construction issues by getting into production." It delivered value. The naysayers were proven wrong. The small increase in the silver price certainly helped it, too." More >

Chris Lichtenheldt, Dundee Capital Markets (3/14/14) "Tahoe Resources Inc.'s combined byproduct metal production in Q4/13 was 35% better than our forecast, which is a positive as we forecast byproduct metal production will account for roughly 13% of revenue going forward. . .capex was in line with our model."

Andrew Kaip, BMO Capital Markets (3/13/14) "As of year-end 2013, Tahoe Resources Inc. had ~262 Kt of ore developed with an additional 64 Kt stockpiled on surface. . .the company also announced a series of organizational changes. . .earnings came in line with BMO Research's expectations and the ramp-up continues to track on schedule. . .opportunity for a further rerate exists to align Tahoe's valuation with that of its senior producer peers. . .management has also signaled the potential for the inauguration of a dividend in 2014, which could provide a potentially positive catalyst for the share price. . .the company is rated Outperform."

Scott Wright, Seeking Alpha (2/28/14) "Tahoe Resources Inc. is one of the most exciting silver stocks out there; with it recently achieving commercial production at its massive Escobal mine on time and on budget, the silver industry has its newest major producer. In addition to massive production volume, the company will also be highly profitable; it is producing its silver at some of the lowest operating costs in the industry and for this reason, its stock should deliver outsized returns to investors."

Andrew Kaip, BMO Capital Markets (2/27/14) "BMO Research completed a site visit of Tahoe Resources Inc.'s Escobal mine in Guatemala with senior management of Tahoe. Mining operations are ramping up with average extraction rates ~3.2 Ktpd. . .plant operations continue to make improvements that should lead toward further increases in production rates through H1/14. . . the company continues to progress Escobal toward 3.5 Ktpd, in line with our expectations."

Andrew Kaip, BMO Capital Markets (2/24/14) "Tahoe Resources Inc. announced commercial production at the Escobal mine in January and is currently focused on ramping up production to the 3.5 Ktpd design rate. The plant has averaged more than 3.5 Ktpd for eight of the last nine days. . .the company expects to produce 18–21 Moz silver over 2014. . .the company has the primary development complete for approximately five years of production."

Jay Taylor, Gold, Energy & Tech Stocks (1/31/14) "Tahoe Resources Inc. figures not only to be one of the largest silver producers in the world, producing between 18–21 Moz this year, but it is also projected to be one of the lowest-cost producers of silver in the world. . .if it executes according to plan, and I have no reason to think it won't given the quality of the management team and board of directors, these shares should perform well."

Raymond James (1/31/14) "Tahoe Resources Inc. recently announced that commercial production had been achieved (as of Jan. 1) from its Escobal mine. . .the company now enters the ranks of major silver producer with 2014 production estimated at 19.5 Moz Ag (mid-guidance range). . .we estimate free cash flow of $142M this year, and watch for the implementation of a dividend, prompted by a successful ramp-up to 3,500 tpd (in Q2/14)."

Rob Fuhrman, Visual Capitalist (1/16/14) "Tahoe Resources Inc. announced that commercial silver production is scheduled for Q1/14. The company has a world-class deposit with exceptional grade located in Guatemala. We expect Tahoe to be a contender for top spot in our Latin American producer database."

Chris Lichtenheldt, Dundee Capital Markets (1/14/14) "Tahoe Resources Inc.'s commercial production at Escobal has been declared as of January 1, 2014; Q4/13 results were strong. . .furthermore, silver production during Q4/13 of 2.1 Mozs was 37% above our forecast. Estimated throughput during Q4/13 was 159 Kt, which was 15% higher than our estimate and silver grades of 484 g/t were 8% higher than expected. January production is looking strong, with cash costs to decline throughout 2014."

The Mining Report Interview with Chris Thompson (12/31/13) "Out of the 10 silver producers we cover, four have the potential to outperform their peers, including Tahoe Resources Inc. . .the underlying preliminary economic assessment calls for a lower production, but in discussions with the company, we understand that there's potential for better-than-anticipated grade in the near term. That alone underpins the operation's capacity to deliver 20 Moz silver annually." More >

The Gold Report Interview with Robert Cohen (12/30/13) "Tahoe Resources Inc.'s Escobal is one of the best new silver mines in the world and is one of our preferred methods of getting exposure to silver. [Tahoe Resources has had a significant increase in its stock price] because Escobal has been derisked. I talked with management just the other day. Tahoe is working on getting its recoveries up to a steady state. Startups can be very tricky. This one is going fairly smoothly." More >

Leon Esterhuizen, CIBC World Markets (11/14/13) "Tahoe Resources Inc. reported Q3/13 financial and operating results, demonstrating that the solid ramp-up at Escobal continues. . .with the first shipment of concentrates now recorded, the company is fully funded to complete the remaining capex at site. . .its flawless project execution thus continues, which combined with the quality of Escobal, justifies Tahoe's premium rating, in our view."

Andrew Kaip, BMO Capital Markets (11/13/13) "Tahoe Resources Inc. provided an update of its mine plan for the Escobal project located in Guatemala, during the Q3/13 conference call. The company provided further detail on 2014E production guidance of 18–21 Moz silver. . .Tahoe is rated Outperform with a CA$25 target price."

Chris Lichtenheldt, Dundee Capital Markets (11/13/13) "Tahoe Resources Inc.'s management reiterated task 1 is to deliver Escobal and task 2 is to repay shareholders (i.e., a dividend). . .management expects the $39M of cash on hand to be enough to cover the rest of the ramp-up. . .the company's 2014 guidance is 18–21 Moz."

Chris Thompson, Raymond James (11/13/13) "We are increasing our target to $21 (from $19) based on the release of Tahoe Resources Inc.'s 2014 guidance. . .our $21 target is derived by applying a 50/50 weighting on a 1x NAV and a 10x 2014E CFPS multiple, which we believe adequately captures the company's growth profile, low cost structure and emerging major producer status."

Ana Komnenic, (11/12/13) "Tahoe Resources Inc.'s Escobal just made it into Q3/13's financials after producing its first metals concentrates on Sept. 30, followed by the first shipment in mid-October. . .the company expects to ramp up to full production at Escobal of 3,500 tpd by Q1/14."

Andrew Kaip, BMO Capital Markets (11/12/13) "Tahoe Resources Inc.'s Escobal continues to impress. . .the company continues to demonstrate strong progress on the path to commercial production. In conjunction with the ramp-up to 3.5 Ktpd, Tahoe also continues to make inroads with underground infrastructure and tailings facility construction to support production levels of 4.5 Ktpd in 2016E."

Geordie Mark, Haywood Securities (11/5/13) "Tahoe Resources Inc.'s Escobal is in the ramp-up stage, has delivered its maiden concentrate shipment, and we await further data to ascertain recoveries and concentrate specifications. . .growth potential could augment the post-2021 output profile."

Morning Coffee (10/17/13) "Tahoe Resources Inc. announced that it has commenced shipping silver-bearing concentrate to smelters from its Escobal mine in Guatamala. . .the company noted that initial mill commissioning began in September and it expects to ramp up production to 3,500 tpd by year-end and to be in full production by early 2014. . .the company noted engineering, procurement and construction of the Escobal project was 99% complete."

Henry Lazenby, Mining Weekly (10/16/13) "Tahoe Resources Inc. has started shipping silver concentrate to smelters from its Escobal mine, in Guatemala, saying the first container of bagged concentrate was placed on a ship on Tuesday. The company's announcement was significant, owing to the low current silver prices having driven many juniors out of the race to production. . .cash and cash equivalents on Sept. 30 stood at $39.2M, which Tahoe estimated would be adequate to carry the mine through to full production."

Michael Gray, Macquarie Capital Markets (10/16/13) "Tahoe Resources Inc. announced that the first container of bagged concentrate from its 100%-owned Escobal Au-Ag-Pb-Zn mine was shipped from a port on Oct. 15, 2013. The company also indicated the Escobal project is 99% complete. . .the Escobal Ag-Au-Zn-Pb mine in Guatemala has been built successfully in three years within the original timeline and budget guided in 2010. . .this concentrate shipping milestone again highlighted management's ability to execute and achieve guidance provided. . .Escobal is a world-class silver mine and ready to generate solid returns for shareholders."

Chris Lichtenheldt, Dundee Capital Markets (9/25/13) "Two sublevels at Tahoe Resource Inc.'s 100%-owned Escobal mine in Guatemala have been completely developed. One of the early stopes has 55 Kmt of 2,200 g/t silver. . .filter systems are the only remaining component to be commissioned. The company plans to put ore in the mill by September 27, 2013, and will be shipping concentrate in early October 2013. . .the Escobal property still has lots of exploration potential."

The Gold Report Interview with Charles Oliver (9/23/13) "I like Tahoe Resources Inc., a silver company run by Kevin McArthur, who has one of the best track records for building mines over the past decade. Tahoe has a Guatemalan property, which is a high-grade, low-capex project. It is ramping up into production as we speak. It could be a spectacular mine. We'll have to see how the ramp up goes, but it's at that point. . .hopefully, it will be cash-flow positive sometime next year. Ramp-ups can be challenging, but if there is someone in the industry that can do it, I'd bet on Kevin McArthur. Escobal is a very special deposit. Big, high-grade deposits are far and few between." More >

Brien Lundin, Gold Newsletter (Jefferson Financial) (8/29/13) "Tahoe Resources Ltd. has the good fortune to control the rich (and potentially wildly lucrative) Escobal polymetallic project in Guatemala. The project's potential is borne out by its economics. Using a 7% discount rate, Escobal has an NPV of $1.91B. The base case IRR is 68.3%. Project payback under this scenario is a mere 1.5 years and the mine at Escobal is expected to generate 20 Moz silver a year at a cash cost of just $4.87/oz, net of gold, lead and zinc byproducts. . .in a market where cash is hard to come by, this company has an ample supply to bring its flagship project into production."

Michael Gray, Macquarie Equity Research (8/23/13) "Tahoe Resources Inc. is a high-conviction target to be added to the new NYSE Arca Gold Miners Index (GDM) on September 13. . .we recommend buying the company on the likely GDM inclusion. . .Tahoe's world-class Escobal project is an emerging high-grade, high-margin silver mine that we model at +20 Moz/year."

Chris Lichtenheldt, Dundee Capital Markets (8/13/13) "We believe Tahoe Resources Inc.'s ramp-up is at low risk of major/long-term problems. . .Escobal's promising indicators include: use of common technologies, use of pilot testing and a management team with highly relevant experience. . .Escobal is one of the highest quality assets in the silver sector. . .we reiterate our Buy rating on the company based on its high-quality asset coupled with the rerating potential."

Chris Thompson, Raymond James (8/12/13) "Tahoe Resources Inc. remains well positioned to generate significant near-term production and forward cash flow (FCF), given its low cost profile and fully funded status. . .we continue to view the Escobal project's robust economics, which are underpinned by its size, grade and attractive all-in costs of ~$10.50 /oz Ag eq, as the necessary ingredients to generate significant FCF for investors. As such, we view the company as well positioned to ride out periods of significant metal price weakness."

The Gold Report Interview with Chris Lichtenheldt (8/12/13) "Tahoe Resources Inc. is uniquely positioned in that its grade is significantly higher than most of the other primary silver producers. At a silver-equivalent grade of over 450 g/t, Tahoe's Escobal project in Guatemala has about twice the average in the space. So the company has to make few or no changes to its mine plans to survive $20/oz or below. It is a company that is clearly well positioned despite the lower price environment. It has to be mentioned that Escobal is not in production yet, so Tahoe still has to execute what has been planned. But grade goes a long way to achieve the plan. . .Tahoe's entire asset is high-grade ore. Multi-asset companies typically will not have this good fortune." More >

Andrew Kaip, BMO Capital Markets (7/24/13) "Tahoe Resources provided clarity on disclosure contained in the May 7, 2012 PEA on the Escobal project in Guatemala. The amended technical report filed today is in response to a review by the B.C. Securities Commission and is intended to bring Tahoe disclosures in line with NI 43-101 standards. This clarification of disclosure is expected to be forthcoming for many junior companies as regulatory agencies continue to review filings and require more adequate disclosure. The company also announced that a court of appeal in Guatemala ruled that the Ministry of Energy and Mines should have conducted a hearing of a written opposition to the Escobal exploitation license during the permitting period. The legality of the license remains fully effective, contrary to claims by anti-mining groups based in Guatemala. MEM and Tahoe are appealing the ruling to the Constitutional Court. THO also reported the Escobal project remains within budget and on track for an early-2014 production start at 3.5 kptd."

The Gold Report Interview with Stephan Bogner (7/15/13) "I speculate that Tahoe Resources Inc. will also become an exciting story; its world-class Escobal deposit in Guatemala is averaging around 490 g/t Ag eq, resulting in fantastic all-in production costs estimated to be below $15/oz. That is quite remarkable. Cash is king, even more notably in tough times, so I now look for newborn cash-flow machines that are poised to grow big during the next few years as I bet on much higher gold and silver prices." More >

Chris Lichtenheldt, Dundee Capital Markets (7/11/13) "Tahoe Resources Inc. reports the ramp-up of Escobal remains on schedule: Engineering, procurement and construction management was 85% complete as of June 30 and the company has begun commissioning the crusher. . .commercial production is expected in early 2014. While no ramp-up is without challenges, based on our site visits and discussions with management, we continue to believe Escobal is well prepared heading in to this important period."

Michael Gray, Macquarie Capital Markets (7/11/13) "Guatemala President Otto Perez Molina showed strong support for mining and Tahoe Resources Inc. in particular by his recent visit to the Escobal mine development project. . .according to Tahoe there is no impact regarding the proposed moratorium on new mining licenses (aside from applications for exploration licenses that are pending). . .Tahoe established a voluntary 1% royalty that will benefit the outlying communities that will see socioeconomic impacts from the Escobal mine. . .as of June 30, underground development for production was complete and engineering/procurement/construction management were 85% complete. . .Tahoe is our top pick among precious metal developers."

Raymond James (7/10/13) "We single out Tahoe Resources Inc. as a preferred choice for emerging producers. . .the company is well funded to satisfied its commitments. . .and best positioned to weather a low metal price environment supported by strong balance sheets and operations that offer healthy plus-50% operating margins from the Escobal mine."

Chris Lichtenheldt, Dundee Capital Markets (7/3/13) "Tahoe Resources Inc. is a single asset company, but in our view has the highest quality and most resilient asset in the sector; the company's Escobal project has an Ag eq grade of 486 g/t and we expect 'all-in cash costs' of ~$12–14/oz through 2024. If needed, we believe Tahoe could lower this figure further by targeting only higher-grade areas. In short, we believe Escobal is the lowest-cost mine in our coverage universe."

BMO Capital Markets (6/28/13) "Tahoe Resources Inc.'s Escobal is one of the most attractive projects in single-mine companies. . .the company has a proven management team with a track record of mine development in Guatemala. Escobal is a world-class mine that is scheduled to enter into commercial production in Q1/14 with annual payable silver-equivalent production of +20 Moz at first-quartile cash costs."

Chris Lichtenheldt, Dundee Capital Markets (6/4/13) "Tahoe Resources Inc's Escobal project in Guatemala is one of the highest-quality known silver deposits in the world. Escobal currently contains over 400 Moz silver (91% Indicated , 9% Inferred), with byproduct gold/lead/zinc for an Ag eq grade of roughly 470 g/t. With these high grades, average production over the first five years of nearly 20 Moz and a mine life in excess of 15 years, we view Escobal as a world-class deposit within the precious metals universe."

Andrew Kaip, BMO Capital Markets (6/4/13) "Tahoe Resources Inc. announced that it has secured and drawn down a $50M secured credit facility. The facility places the company in a financially strong position as it moves into the commissioning stage of the Escobal project through H2/13; the additional funding also provides Tahoe Resources with the flexibility to expedite the expansion from 3.5 Ktpd to 4.5 Ktpd."

Chris Thompson, Raymond James (5/10/13) "We are encouraged by Tahoe Resources Inc.'s progress at Escobal, which remains on budget and on schedule for commissioning in H2/13 and commercial production in 2014. Although the project remains fully funded, we are impressed to see the company take the prudent step of entering into a $50M credit facility to provide balance sheet flexibility. . .in addition, we are pleased by the finalization of the royalty agreement with the Guatemalan government."

The Gold Report Interview with Michael Gray (4/29/13) "Tahoe Resources Inc. [is a] top pick among the companies we cover. . .Tahoe Resources has a best-of-breed silver asset in Guatemala and is run by Kevin McArthur, former CEO of Goldcorp and Glamis Gold Ltd., along with his very strong team. Tahoe has built an underground mine for less than $400M, on time and on budget. It should be completed by July 2013. What stands out about Tahoe's Escobal mine development project is its high grade and large size. It has more than 400 Moz in silver resources and will mine average grades of 400 g/t, with some gold, zinc and lead credits. Another key is that the veins are very thick, averaging 10–15m in one zone, and over 15m in another. The company can, therefore, mine very efficiently and run the plant initially at 3,500 tpd, moving up to 5,000 tpd and potentially to 7,000 tpd. You are looking at 20 Moz/year silver for at least the first eight years. . .

"This is an asset built by a veteran team that contemplates that upside. The incremental expansion is more or less designed and factored in to get to 5,000 tpd. . .we show Tahoe being cash flow positive in Q4/13 and overall guidance of 5 Moz silver being produced into 2013. Looking out to 2014, and using a forward curve from Feb. 6, 2013, and a higher silver price ($32/oz silver), we are looking at $353M cash flow from operations in 2014 for $2.33/share. Another attraction with Tahoe is that management suggested last summer that it would pay a significant dividend." More >

The Gold Report Interview with Greg Dorsey (4/17/13) "[I get silver exposure] from Tahoe Resources Inc. in Guatemala. It just received the final exploitation permit needed to move forward with its mine and should be in production in early 2014. That approval took a lot of risk out of the stock. This is a large project, rich in silver. It works out to 13–13.5 oz/ton ore and is one of the highest-grade deposits around. Once the mine is up to speed, it will produce 20 Moz/year, without the gold, lead and zinc in the mix. It also will be one of the lowest-cost producers around. You have good, smart management. Kevin McArthur, a former CEO of Goldcorp and Glamis Gold Ltd., is running the show." More >

Morning Coffee (4/4/13) "Shares of Tahoe Resources Inc. jumped after the company announced that it has received its Escobal mine exploitation license from Guatemala's Ministry of Energy and Mines. Tahoe Resources commented that construction activities remain on budget and on schedule for mill commissioning in H2/13 and commercial production in early 2014."

Andrew Kaip, BMO Capital Markets (4/3/13) "Tahoe Resources Inc. has received the exploitation permit for the Escobal project in Guatemala. . .receipt of the exploitation permit clears the way for the company to commence commissioning and ramp-up of operations toward commercial production through H2/13. Receipt of the exploitation permit was identified as a key catalyst [and] is an important milestone that should remove permitting uncertainty. . .the company is rated Outperform."

Chris Thompson, Raymond James (4/3/13) "Tahoe Resources Inc. announced the receipt of the final mining license, the Oasis exploitation license, for the Escobal project in Guatemala. We are upgrading the company to Outperform from Market Perform and are increasing our target price to $23 (from $21 previously). . .we believe the license removes an overhang on the stock."

Steven Butler, Canaccord Genuity (4/3/13) "Tahoe Resources Inc. has announced that it has received the Escobal exploitation license from Guatemala's Ministry of Energy and Mines. This is the final permit required for Escobal and now allows the company to shift from development to production once construction is complete. . .the development of Escobal remains fully financed."

Chris Thompson, Raymond James (3/12/13) "Tahoe Resources Inc. ended 2012 with ~$165M in cash, and remains fully funded to complete construction at Escobal on time and on budget. . .the company's premium valuation reflects Escobal's rank as a world-class, fully funded project and as an emerging low-cost, 15 Moz+/year silver producer."

Steven Butler, Canaccord Genuity (3/8/13) "Tahoe Resources Inc.'s Escobal project is on track for mill commissioning in H2/13 and commercial production in Q1/14. The company's cash balance at year end was $164.6M, indicating that it remains fully funded to complete construction. . .Tahoe is fully financed and on track for production of 20 Moz/year commencing 2014."

Andrew Kaip, BMO Capital Markets (2/25/13) "Tahoe Resources Inc.'s Escobal remains on track for commercial production in 2014. . .once at design rates, Escobal is expected to produce ~20 Moz silver annually. The plant is currently being constructed for throughput of 3.5 Ktpd with plans to expand to 4.5 Ktpd by 2017."

Barry Cooper, CIBC World Markets (1/7/13) "Drilling in 2012 has increased the optionality with respect to adding reserves, growing production and extending mine life. All of these are likely to lead to higher multiples being afforded Tahoe Resources Inc. once permitting approvals have been cleared. . .Escobal shows signs of complex faulting that will likely offer surprises going forward. . .we suspect that the surprises are more likely to be to the upside in terms of added resources for the project."

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