Corporate Presentation January New Leader in Precious Metals
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1 Corporate Presentation January 2016
2 Safe Harbour Disclaimer Cautionary Language on Forward Looking Information This presentation contains forward looking information within the meaning of applicable Canadian securities legislation, and forward looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively referred to as forward looking statements ). All statements, other than statements of historical fact, are forward looking statements. The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intend", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions or statements identify forward looking statements. Forward looking statements in this presentation include, but are not limited to, statements and/or information related to: (i) the Company s 2016 goals, (ii) 2016 outlook related to gold and silver mineral reserves and mineral resources, production, total cash cost per ounce, all in sustaining cost per ounce, capital expenditures, corporate general and administration expenses and exploration expenses, (iii) estimated production over the life of the Escobal and La Arena mines, (iv) estimates of royalties and taxes paid in Guatemala and Peru (v) the timing of the anticipated commencement of commercial production at Shahuindo; and (vi) the advancement of exploration projects, including the Sulfide Project at La Arena and the El Alizar Oxide Project adjacent to La Arena (vi) estimated mill and leach pad recoveries, smelter payables and doré and silver concentrate details over the first ten years of mine life. Forward looking statements are based on management s reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things: the Company s ability to implement operational improvements at the Escobal and La Arena mines; the Company s ability to carry on exploration and development activities, including construction; the timely receipt of required approvals; the price of silver, gold and other metals; prices for key mining supplies, including labor costs and consumables, remaining consistent with the Company s current expectations; production meeting expectations and being consistent with estimates; plant, equipment and processes operating as anticipated; there being no material variations in the current tax and regulatory environment; the Company s ability to operate in a safe, efficient and effective manner; the exchange rates among the Canadian dollar, Guatemalan quetzal, Peruvian nuevo sol and the United States dollar remaining consistent with current levels; and the Company s ability to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Tahoe s actual results, programs and financial position could differ materially from those anticipated in such forward looking statements as a result of numerous factors, risks and uncertainties, many of which are beyond the Company s control. These include, but are not necessarily limited to, the Company s dependence on the Escobal and La Arena mines; the fluctuation of the price of silver, gold and other metals; changes in national and local government legislation, taxation and controls or regulations; social unrest, and political or economic instability in Guatemala and/or Peru; the availability of additional funding as and when required; the speculative nature of mineral exploration and development; the timing and ability to maintain and, where necessary, obtain necessary permits and licenses; the uncertainty in the estimation of mineral resources and mineral reserves; the uncertainty in geologic, hydrological, metallurgical and geotechnical studies and opinions; infrastructure risks, including access to water and power; the impact of inflation; changes in the administration of governmental regulation, policies and practices; environmental risks and hazards; insurance and uninsured risks; land title risks; risks associated with illegal mining activities by unauthorized individuals on the Company s mining or exploration properties; risks associated with competition; risks associated with currency fluctuations; contractor, labor and employment risks; dependence on key management personnel and executives; the timing and possible outcome of pending or threatened litigation; the risk of unanticipated litigation; risks associated with the repatriation of earnings; risks associated with negative operating cash flow; risks associated with the Company s hedging policies; risks associated with dilution; and risks associated with effecting service of process and enforcing judgments. For a further discussion of risks relevant to the Company, see the Company s Annual Information Form available on SEDAR under the heading Description of Our Business Risk Factors. There is no assurance that forward looking statements will prove to be accurate. Actual results, performance or achievement could differ materially from those expressed in, or implied by, these forwardlooking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits may be derived there from. Accordingly, readers should not place undue reliance on this information. Tahoe does not undertake to update publicly or revise any forward looking statements, except as, and to the extent required by, applicable securities laws. For more information about the risks and challenges of Tahoe s business, investors should review Tahoe s current Annual Information Form available at All prices in U.S. Dollars unless otherwise stated. Revised January
3 2015 Highlights Record production of 20.4 moz silver at Escobal Record 230,436 ounces gold at La Arena Completed Rio Alto merger in Q2 Shahuindo commissioning commenced in Q4 Repaid $50 million in debt Returned $49.7 million in shareholder dividends Established $150 million revolving credit facility 3
4 2016 Goals Operate mines to world standards Achieve commercial production at Shahuindo by early Q2 Produce moz silver at total cash costs* < $8.50 per ounce Produce koz gold at total cash costs* < $750 per ounce Continue shareholder dividend Organic growth and tip of iceberg opportunities Deliver long term shareholder value *Note: See Endnotes 2 4 for total cash costs and all in sustaining costs non GAAP calculations. 4
5 Creating a Leading Precious Metals Company Best In Class Portfolio of Producing and Development Assets Production World-class, high-grade Escobal silver mine Low-risk La Arena and Shahuindo gold mines 2015 production of 20.4 Mozs Ag and 230,436 oz Au Construction Shahuindo gold mine phase one construction completed in 2015 Commercial production expected Q2 2016; P&P Mineral Reserves increased by 86%; exploration continues Pre-Feasibility La Arena sulphide project M&I Resource containing 2.1Mozs Au and 2.0Blbs of Cu Exploration Peru: ~55,800 hectares in a highly prospective region El Alizar: in close proximity to La Arena Shahuindo: Recon drilling to identify outside targets Guatemala: ~8,000 hectares in a new silver district 5
6 Committed To Our Communities Respect for human rights Economic development Sustainable programs Community partnerships Open communications Environmental excellence Healthy and safe workplace Ethical conduct 6
7 Growth Contributions In Our Communities $55 of every $100 in Escobal revenue stays in Guatemala +96% of ~1,010 Escobal employees are Guatemalan Royalties/taxes exceed $38 million per year in Guatemala ~2,800 employees in Peru Royalties/taxes exceed $45 million per year in Peru. 7
8 Escobal Mine - Guatemala 8
9 Escobal Results 2014 Q1 15 Q2`15 Q3`15 Q4 ` Mill Throughput Average 3,413 3,724 4,288 4,446 4,065 4,124 (tpd) Silver Production (moz) Silver Grade (grams per tonne) Total Cash Cost per oz* $6.37 $7.10 $9.27 $6.75 All in Sustaining Cost per $9.15 $9.78 $12.87 $9.72 oz* CFPS* $1.18 $0.33 $0.12 $0.23 *Note: See Endnotes 2 4 for total cash costs and all in sustaining costs non GAAP calculations. CFPS is before working capital adjustments. 9
10 Key Performance Indicators Cost Improvement Areas Diesel Cement price and quantities Mobile maintenance Ground support materials and installation Contractor support Q3 Q4 Q1 Q2 Q3 Mine Operations $41.49 $42.38 $40.03 $40.36 $38.81 Process Operations $30.36 $32.94 $25.61 $19.32 $22.06 Site G&A $21.38 $20.83 $18.00 $15.24 $15.06 Total Operating Costs $93.23 $96.14 $83.63 $74.93 $
11 Escobal Mine Plan
12 La Arena Mine - Peru Calaorco Pit 12
13 La Arena Operating Results Cost Guidance for 2015 Actual Costs 2014 Q2 15 Q3 `15 Total Cash Cost* $625 to $650 $575 $540 $548 All in Sustaining Cost* $900 to $950 $772 $664 $ Total Gold Ounces Produced : 230,436 *Note: See Endnotes 2-4 for total cash costs and all-in sustaining costs non-gaap calculations. Calculated net of byproduct credits. 13
14 Shahuindo Mine - Peru 14
15 Shahuindo Mine - Peru January 2016 Technical Report 1 M&I Oxide Resources: million 0.50 g/t Au 2.28 million ounces of gold P&P Oxide Reserves: million 0.53 g/t Au 1.91 million ounces of gold. Represents 86% increase in gold reserves over the 2012 Feasibility Study. 1.5 million gold ounces recovered over life of mine. Average annual gold production of 151,000 ounces. Phase 1 10,000 tpd Run of Mine Heap Leach ( ) Phase 2 36,000 tpd Crushing and Agglomeration ( ). Testwork in progress to reduce crushing and agglomeration requirements. Life of Mine Strip Ratio 1.35 Life of Mine Cash Costs of $9.28/tonne and $686/oz gold Notes: 1 Technical Report on the Shahuindo Mine, Cajabamba, Peru, January 25, 2016, prepared by Tahoe Resources Inc., to be available on SEDAR January 25, Includes allocation of corporate G&A and anticipated exploration expenditures to Technical Report financial model. Estimated Life of Mine AISC of $916/oz gold 2 Life of Mine Project Capital of $180 million and Sustaining Capital of $141 million (2016 forward) NPV of $319 million at 5% discount rate using escalating metal prices over life of mine: 2016 $1,100/oz gold; 2017 $1,200/oz gold;2018 1,300/oz gold; 2019 to end of mine life $1,400/oz gold IRR of 41% and payback period of 4.1 years 15
16 Shahuindo Mine - Peru Mine Construction and Pre Commissioning Production Environmental Impact Assessment for the Phase I Operation approved by the Peruvian Government. Operating License expected in January All other licenses and permits received. Currently operations conducted under Project Commissioning License. Phase I construction complete. Mine and plant commissioning operations began November ,000 tonnes of ore at 1.05 g/t gold placed on the pad in November and December Initial pour of 581 ounces of gold and 347 ounces of silver. Large Resource Base with Strong Upside Potential Drilling by Tahoe in 2015 has identified mineralization proximal to Shahuindo at the El Sauce, San Lorenzo, La Chilca and Choloque prospects. Pit expansion supported by recent drilling. Numerous regional exploration targets remain largely unexplored. 16
17 Shahuindo Mine Camp 17
18 Shahuindo Plant Overview 18
19 Shahuindo Phase I Leach Pad 19
20 Shahuindo Adsorption Circuit 20
21 Blast Hole Drilling 21
22 Guatemala Exploration Sept
23 Shahuindo Drilling 23
24 La Arena Regional Targets Sigrid Sigrid Carmen Peña Colorada El Alizar La Arena Agua Blanca La Florida 24
25 La Arena Phase 2 Project Reserve Oxide Pit Cu Au Sulfide 63 Mt 2P Reserve Possible Scale Opportunity 274 Mt M&I Pit Potassic Core Possible Underground Opportunity 25
26 2016 Corporate Guidance 2016 Production Silver Gold Production moz 200 $250 kozs Total cash cost/oz produced net of byproduct credits (TCC)* $7.50 $8.50 $700 $750 All in sustaining cost/oz prod net of byproduct credits (AISC)* $10.00 $11.00 $950 $1050 Corporate Guidance (in millions) Sustaining Capital Project Capital Total Capital Corporate G & A (includes non cash compensation)* Exploration expenses $70 $85 million $70 $90 million $140 $175 million $30 $40 million $10 $12 million *Note: See Endnotes 2-4 for total cash costs and all-in sustaining costs non-gaap calculations. 26
27 Tahoe Capital Structure ~$110.6M Cash & Cash Equivalents As of September 30, 2015 ~$35M Debt Total Shares Outstanding 227 million Fully Diluted 228 million Avg. Trading Vol. (3 mos, THO & TAHO) ~1.2 m shares/day Dividend Yield ~2 % Largest Shareholders BlackRock, Fidelity, Van Eck Tahoe Management & Board ~3 % 27
28 Delivering Long-Term Shareholder Value High Margin Operations Organic Growth Operations Focus Strong Balance Sheet Responsible Management Monthly Dividend Focused on Growing Free Cash Flow Per Share 28
29 Endnotes & Appendices Tahoe Resources Investor Relations
30 Endnotes 1 Qualified Person Statement This presentation has been reviewed and approved by Tahoe s Vice President Technical Services Charles Muerhoff, a Qualified Person as defined by National Instrument Data Verification/Technical Reports Detailed descriptions, results and analysis of drilling, sampling and analytical procedures, QA/QC programs, and resource and reserve estimation methodology can be found in: (a) Escobal Mine Guatemala Feasibility Study, November 5, 2014, authored by M3 Engineering & Technology Corporation (M3), and available on Tahoe s website and on SEDAR. (b) La Arena Project, Peru Technical Report (NI ), February 27, 2015 authored by Mining Plus Peru S.A.C., available on SEDAR. (c) Technical Report on the Shahuindo Mine, Cajabamba, Peru, January 25, 2016, authored by Tahoe Resources Inc., to be available on SEDAR January 25,
31 Endnotes 2 Non GAAP Financial Measures: The Company has included certain non GAAP financial measures throughout this document which include total cash costs, total production costs and all in sustaining costs per silver and per gold ounce ( all in sustaining costs ). These measures are not defined under IFRS and should not be considered in isolation. The Company s primary business is silver and gold production with other metals (gold in silver products, silver in gold products, lead, zinc and copper), produced simultaneously in the mining process, the value of which represents a small percentage of the Company s revenue and is therefore considered by product. The Company believes these measures will provide investors and analysts with useful information about the Company s underlying cash costs of operations, the impact of by product credits on the Company s cost structure and its ability to generate cash flow, as well as providing a meaningful comparison to other mining companies. Accordingly, these measures are intended to provide additional information and should not be substituted for GAAP measures. Total cash costs: The Company reports total cash costs on a silver and gold ounces produced basis. The Company follows the recommendation of the cost standard as endorsed by the Silver Institute ( the Institute ) and the World Gold Counsel (WGC). The Institute and the WGS are nonprofit international associations with membership from across the precious metal production industry. The Institute and the WGC serve as the industry s voice in increasing public understanding of the many uses and values of silver and gold. This remains the generally accepted standard for reporting cash costs of production by precious metal mining companies. Total cash costs and total production costs associated with silver production are divided by the number of silver ounces contained in concentrate to calculate per ounce figures for silver. When deriving the production costs associated with an ounce of silver, the Company deducts by product credits from gold, lead and zinc sales which are incidental to producing silver. Total cash costs associated with gold production are divided by the number of gold ounces contained in doré. When deriving the production costs associated with an ounce of silver, the Company deducts by product credits from silver sales which are incidental to producing gold. All in sustaining costs: The Company has also adopted the reporting of all in sustaining costs as a non GAAP measure of a precious metal mining company s operating performance and the ability to generate cash flow from operations. This measure has no standardized meaning and the Company has utilized an adapted version of the guidance released by the World Gold Council, the market development organization for the gold industry. The World Gold Council is not a regulatory industry organization and does not have the authority to develop accounting standards or disclosure requirements. All in sustaining costs include total cash costs incurred at the Company s mining operation, sustaining capital expenditures, corporate administrative expense, exploration and evaluations costs, and reclamation and closure accretion. The Company believes that this non GAAP measure represents the total costs of producing silver from its operation, and provides additional information of the Company s operational performance and ability to generate cash flows to support future capital investments and to sustain future production. These non GAAP financial measures may be calculated differently by other companies depending on the underlying accounting principles and policies applied. This presentation refers to total cash costs and all in sustaining costs, which are non GAAP financial measures. Quantitative reconciliations from such non GAAP financial measures to the most directly comparable measure presented in Tahoe s financial statements are provided in the Company s management s discussion and analysis (MD&A) for the corresponding period. The Company s MD&A are available on SEDAR and at relations/financials 31
32 Endnotes 3 Additional GAAP measures: The Company has disclosed additional GAAP measures which include mine operating earnings, earnings (loss) from operations and cash generated by operating activities before changes in working capital. Management believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors use this information to evaluate the Company s performance. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Mine operating earnings: Mine operating earnings represent the difference between revenues and operating costs which include royalties and depreciation and depletion. Management believes that this presentation provides useful information to investors to evaluate the Company s mine operating performance and to assess the Company s ability to generate operating cash flow. Earnings (loss) from operations: Earnings (loss) from operations represent the difference between mine operating earnings and other operating expenses which include Escobal project expenses, other exploration expenses and general and administrative expenses. Management believes that this presentation provides useful information to investors to evaluate the Company s mine operating performance when also taking into account certain costs not directly associated with production. Cash generated by operating activities before changes in working capital: Cash generated by operating activities before changes in working capital represents the cash flows generated by operating activities after adjusting for interest expense, income tax expense and financing fees as well as items not involving cash. Management believes that this presentation provides useful information to investors to evaluate the Company s ability to generate cash flows from its mining operation. The additional GAAP measures described above do not have a standardized meaning prescribed by IFRS. As such, there are likely to be differences in the method of computation when compared to similar measures presented by other reporting issuers. References to third party reports and research: The information presented on slides referencing third party research been prepared using data from the cited individual sources as noted on each slide. Please note that any opinions, estimates or forecasts regarding Tahoe Resources performance or the performance of its competitors by third parties is made without consultation with Tahoe Resources and does not represent the Company s opinions, estimates, forecasts or predictions. Tahoe Resources does not, by its reference above or distribution, imply, endorse or concur with any conclusions or recommendations. 32
33 Endnotes 4 This presentation contains a financial outlook within the meaning of applicable securities laws, in particular related to expected capital costs, corporate, general and administrative expenses and exploration expenses for the 2015 financial year. The financial outlook has been prepared by management of the Company to provide an outlook of the Company s activities and results, and may not be appropriate for other purposes. The financial outlook has been prepared based on a number of assumptions including the assumptions discussed above. Management does not have firm commitments for all of the costs, expenditures, prices or other financial assumptions used to prepare the financial outlook or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those variables are not objectively determinable. The actual results of operations will likely vary from the amounts set forth in the analysis presented in this presentation, and such variation may be material. 33
34 Experienced Team Kevin McArthur Ron Clayton Mark Sadler Edie Hofmeister Brian Brodsky Tim Williams Executive Chair President & COO VP & CFO VP Corporate Affairs VP Exploration VP Operations Board of Directors Kevin McArthur Dan Rovig Tanya Jakusconek Drago Kisic Paul Sweeney James Voorhees Ken Williamson Klaus Zeitler 34
35 Escobal Mineral Resources and Mineral Reserves at 1/1/16 Measured & Indicated Mineral Resources Tonnes (M) Silver (g/t) Gold (g/t) Lead (%) Zinc (%) Silver (koz) Gold (koz) Lead (ktonnes) Zinc (ktonnes) , Inferred Mineral Resources Tonnes (M) Silver (g/t) Gold (g/t) Lead (%) Zinc (%) Silver (koz) Gold (koz) Lead (ktonnes) , Proven & Probable Mineral Reserves Tonnes (M) Silver (g/t) Gold (g/t) Lead (%) Zinc (%) Silver (koz) Gold (koz) Lead (ktonnes) Zinc (ktonnes) Zinc (ktonnes) , Notes: 1. The basis of the Mineral Resource and Mineral Reserve estimate is from Escobal Mine Guatemala NI Feasibility Study, November 5, 2014, prepared by M3 Engineering & Technology Corporation. Mineral Resources and Mineral Reserves at January 1, 2016 calculated by subtracting mine depletion volumes from the Mineral Resources and Mineral Reserves stated in the aforementioned technical report. 2. Mineral Resources are reported using a silver equivalent cut off grade of 130 g/t silver. The Escobal Mine Guatemala NI Feasibility Study, November 5, 2014, prepared by M3 Engineering & Technology Corporation reported Mineral Resources using metal prices of $22/oz silver, $1,325/oz gold, $1.00/lb lead and $0.95/lb zinc. 3. The Escobal Mine Guatemala NI Feasibility Study, November 5, 2014, prepared by M3 Engineering & Technology Corporation reported Mineral Reserves using a cutoff calculated from the net smelter return value minus production costs using metal prices of $22.50/oz silver, $1,300/oz gold, $0.95/lb lead and $0.90/lb zinc. 4. Mineral Reserves are inclusive of Mineral Resources. 35
36 La Arena Mineral Resource & Reserves at 1/1/16 Measured & Indicated Mineral Resources Material Type Tonnes (M) Gold (g/t) Copper (%) Oxide ,241 Gold (koz) Copper (Mlbs) Sulfide ,124 2,014 Total M&I ,365 2,014 Inferred Mineral Resources Material Type Tonnes (M) Gold (g/t) Copper (%) Oxide Sulfide Total M&I Proven & Probable Mineral Reserves Material Type Tonnes (M) Gold (g/t) Copper (%) Oxide Sulfide Total M&I , Notes: 1. The basis of the Mineral Resource and Mineral Reserve estimate is from La Arena Project, Peru Technical Report (NI ), February 27, 2015, prepared by Mining Plus Peru S.A.C. Mineral Resources and Mineral Reserves at January 1, 2016 calculated by subtracting mine depletion volumes from the Mineral Resources and Mineral Reserves stated in the aforementioned technical report. There has been no depletion of the sulfide Mineral Resources or Mineral Reserves. 2. Oxide Mineral Resources are reported using a gold cut off grade of 0.07 g/t within a $1,400/oz gold pit shell. Oxide Mineral Reserves are reported using a gold cut off grade of 0.1 g/t within a pit designed from a $1,200/oz gold pit shell. 3. Sulfide Mineral Resources are reported using a copper cut off grade of 0.12% within a $3.50/lb copper and $1,400/oz gold pit shell. Sulfide Mineral Reserves are reported using a copper cut off grade of 0.18% within a pit designed from a $3.00/lb copper and $1,200/oz gold pit shell. 4. Mineral Reserves are inclusive of Mineral Resources. Gold (koz) Gold (koz) Copper (Mlbs) Copper (Mlbs) 36
37 Shahuindo Mineral Resources & Mineral Reserves at 1/1/16 Measured & Indicated Mineral Resources Material Type Tonnes (M) Gold (g/t) Silver (g/t) Gold (koz) Silver (koz) Oxide ,282 30,679 Sulfide Total M&I ,282 30,679 Inferred Mineral Resources Material Type Tonnes (M) Gold (g/t) Silver (g/t) Gold (koz) Silver (koz) Oxide Sulfide ,002 59,441 Total M&I ,038 60,067 Proven & Probable Mineral Reserves Material Type Tonnes (M) Gold (g/t) Silver (g/t) Gold (koz) Silver (koz) Oxide ,906 24,541 Sulfide Total M&I ,906 24,541 Notes: 1. The basis of the Mineral Resource and Mineral Reserve estimate is from Technical Report on the Shahuindo Mine, Cajabamba, Peru, January 25, 2016, prepared by Tahoe Resources Inc. and to be filed on SEDAR on January 25, The effective date of the Shahuindo Mineral Resource estimate is April 15, The effective date of the Shahuindo Mineral Reserve estimate is November 1, Oxide Mineral Resources are reported using a gold equivalent cut off grade of 0.14 g/t within a $1,400/oz gold pit shell. Gold equivalent value calculated using metal prices of $1,200/oz gold and $15/oz silver. Oxide Mineral Reserves are reported using a gold cut off grade of 0.18 g/t within a pit designed from a $1,200/oz gold pit shell. 3. Sulfide Mineral Resources are reported using a gold cut off grade of 0.5 g/t. There are currently no sulfide Mineral Reserves at Shahuindo. 4. Mineral Reserves are inclusive of Mineral Resources. 37
38 Escobal Mine Estimated Life of Mine Production 2014 Includes H1 Actual Production + H2 Forecasted Production Source: Escobal Feasibility Study 2014, by M3 Engineering/Tucson, Arizona. Based on Ag $18.00, Au $1,300, Pb $0.95, Zn $
39 Escobal High Grade + Wide Vein = Low Cost Transverse Longhole Mining Longitudinal Longhole Mining 39
40 Escobal Feasibility: Metallurgical Recoveries Lead Concentrate Zinc Concentrate Mill Recoveries Silver 83.0% 2.9% Gold 58.4% 2.6% Lead 88.6% Zinc 75.1% Smelter Payables Silver 96% 66% Gold 92% 56% Lead 94% Zinc 84% First ten years of mine life Source: Escobal Feasibility Study 2014, by M3 Engineering/Tucson, Arizona. 40
41 Escobal Feasibility: Concentrate Details Lead Concentrate Zinc Concentrate Annual Concentrate 22,800 tonnes/year 25,900 tonnes/year Concentrate Grade Silver 25,300 g/t 780 g/t Concentrate Grade Gold 15 g/t Nil Concentrate Grade Lead 41% Concentrate Grade Zinc 52% Treatment Charges $270/dmt $275/dmt Refining Charges Silver $1.13/oz Refining Charges Gold $6.65/oz Freight $139/dmt $277/dmt First ten years of mine life Source: Escobal Feasibility Study 2014, by M3 Engineering/Tucson, Arizona. 41
42 Escobal Process Flowsheet 42
43 Shahuindo Phase One Process Flowsheet 43
44 La Arena Process Flowsheet 44
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