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Mexico owes Canada miners more than $360 million

Friday, June 9, 2017


Mexico's tax agency is holding over $360 million in tax rebates owed to six Canadian miners, including $230 million to Goldcorp, according to sources and official documents seen by Reuters, escalating the situation into a showdown between the Mexican government and Canadian mining firms operating there.

In a string of meetings, Canadian officials have pressed Mexico to fix the problem, which hamstrings mining companies' ability to invest in operations and is particularly difficult for smaller, cash-strapped miners and explorers, people familiar with the matter said.

Vancouver-based Goldcorp declined to comment on its outstanding refund, which represents 142 percent of its 2016 net profit and 6 percent of its full-year revenue.

Source:Reuters