Canadian miner Endeavour Silver says Mexico is about to transform itself from being the best silver mining jurisdiction in the world to the worst. Behind both these views is the decision by Mexico to impose a 7.5% royalty on most minerals but 8% on gold and silver.
Mexico: Mexico's Congress Passes Tax Reform Mining Fee The proposed fee for mining rights was approved by the Congress. The fee will be charged at the rate of 7.5% of net profits of mining companies. An additional mining fee equal to 0.5% of gross earnings from the sale of gold, silver and platinum was approved. More.............. http://www.mondaq.com/x/274706/sales+taxes+VAT+GST/Mexicos+Congress+Passes+Tax+Reform
While I am short pms right now and don't own any miners, two of my favorite miners were AG & GORO. Until pms have bottomed and we can assess how much impact this will have on miners, I wouldn't touch a miner in Mexico.
Thanks Holdfast, I got my info off a paid for site (work pays, not me) so I didn't know if it was public yet....
