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7/7/17

Tahoe Resources (TAHO) (THO.to): Nero fiddles while Rome burns

You might have thought the management and board of directors at Tahoe Resources (TAHO) (THO.to) would have been more interested in the fate of the company's flagship asset in Guatemala recently, what with the money they've wasted on a failed legal campaign there and the fact that the Escobal mine has been shuttered for a full month now thank to protests (and of course the loss of its operating permit...y'know, details). BUT NO! In fact the whole of the TAHO board have been far more interested in the Peru end of its operations. You can tell by what happened at the end of last month (June 25th to 28th).

That's because TAHO organized a fun filled fiesta of frolics and financial frippery for the whole of its bigwig board. Starting June 25th  chair Ferrari Kev McArthur and CEO Ron Clayton along with board members Chuck Jeannes (yup, him), Drago Kisic, Tanya Jakusconek (of the absolutely and totally unconflicted Scotia), Alan Moon, Paul Sweeney, Jim Voorhees and Ken Williamson and then no fewer than 12 other TAHO management team members enjoyed an all expenses paid beano to the La Arena and Shahuindo mines. And when I say "all expenses" I'm not kidding:
  • Pure First Class/Business Class flights in to Peru
  • Five star luxury hotel in Lima (the Floresta)
  • Tours to Lima tourist attractions, all transport and guides included
  • Meeting with President PPK at Presidential Palace
  • Lunch at the ultra posh Club Nacional (blazer and tie obligatory)
  • Two charter planes from Lima to Huamachuco (there are plenty of scheduled flights up there and it's easy, but noooooo....far too prole)
  • Three helicopters to fly them around when up at La Arena (seriously, WTF? From point to point it's an hour, hour half by road).
  • Night at the top hotel in Cajamarca (the Laguna Seca)
  • The same three copters fly them to and from Shahuindo the next day
  • Those two charter planes then fly them back to Lima
  • Another night in the FiveStar for those staying on (where the champagne flowed, we are reliably informed)

All this for 21 people, frying G&A like there's no tomorrow, while the company's main asset was going down the legal and social toilet. Nice work if you can get it, right Kev?