Mexico pushing a new tax on mining profits

pmbug

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On October 30th, the day that Mr Cooke brought the board of his Vancouver-based company, Endeavour Silver, on their annual inspection of one of its three mines in central Mexico, the upper house of Congress approved a new mining tax proposed by the government of Enrique Peña Nieto. “If it goes through as is, our fourth mine will not be in Mexico,” declared Mr Cooke.

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The government needs to raise revenue in a country where tax avoidance is rife. The mining levy—a royalty of up to 7.5% on profits, plus 0.5% on revenue from precious metals ... comes just when metal prices have swooned. ...
http://www.economist.com/news/americas/21588891-new-royalty-rattles-investors-sovereign-take

Potentially affected miners include: First Majestic (AG), Endeavor Silver (EXK), Alexco Resources (AXU), Auricana (AUNFF), Great Panther (GPL), Pan American Silver Corp (PAAS) and Silver Standard Resources (SSRI)
 

Aubuy

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It's getting harder and harder to get a laugh out of this stuff. :flail:

 
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