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Tahoe drops following reports Guatemala seeks more mining control

Mining company Tahoe Resources (TAHO), whose flagship Escobal project is located in southeastern Guatemala, is sinking following reports that Guatemala President Otto Perez Molina is proposing a reform that would allow the government to acquire up to 40% of the mining and exploration companies that operate in the country. Shares of Tahoe are down 31%, or $4.95, to $10.85 in morning trading.