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Endeavour Silver Corp. Message Board

  • datbehardwork datbehardwork Feb 16, 2013 9:48 AM Flag

    Saturday News: Mexico to initiate Royalty taxes

    And EXK management remains hidden in their cozy chalets in a Swiss ski resort. They're expected to be gone for two more weeks. Rumor has it their phones only work domestically, so they're incognito.

    BUY PHYSICAL!!!.....don't let pumpers get into your head with their buy and hold mentality.

    Caracas,
    Saturday
    February 16,2013

    Mexico Expected to Introduce Mining Royalties

    MEXICO CITY – Mexican mining sector executives say they expect the government will begin charging some type of royalty on their firms’ output, Banamex, the Mexican subsidiary of Citigroup, said.

    Analysts with Banamex’s Accival brokerage house participated in a seminar in New York Thursday on mining in Mexico, a gathering attended by executives from the Mexican Mining Chamber, or Camimex, and officials with Mexico’s Economy Secretariat.

    “There is an unofficial consensus in Mexico that eventually some type of royalty will be imposed (none exists at the moment),” an Accival report signed by analyst Alexander Hacking said.

    “Our previous conversations with mining sector executives lead us to the same conclusion: it’s not a matter of ‘if they’ll be imposed or not, but when,’” the report added.

    Even so, investors “seem less focused on royalties in Mexico and more focused on the possibility that royalties in Brazil will increase,” Hacking said.

    Mexico’s Congress has mulled various proposals for mining royalties in recent years that called for payments of between 1.5 percent and 5 percent of production, while Camimex is currently discussing the issue with the government.

    According to Accival, “royalties should consider prices over the long term rather than current prices” and “should vary based on the type of mineral to account for their different economic aspects.”

    Mining is an important source of foreign currency in Mexico and a key component of the country’s gross domestic product.

    An estimated $9.3 billion is to be invested in Mexico’s mining industry in 2011-2012.

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