Mexico pushing a new tax on mining profits

[pmbug]

...
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.

...

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]

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