Exclusive: Top Mexican miners owe $180 million in 2015 royalties – government study

5/16/2017 Reuters

mineTop Mexican miners Grupo Mexico, Penoles, Fresnillo and billionaire Carlos Slim’s Frisco together owe nearly $180 million in mining royalties to Mexico for 2015, according to preliminary government figures seen by Reuters.

The documents, which are part of an industry-wide review for tax compliance led by Mexico’s tax authority, estimate Grupo Mexico (GMEXICOB.MX) owes some 1.7 billion pesos ($91.4 million) on a 7.5 percent mining royalty on extractive profits for 2015.

For the same levy, Penoles (PENOLES.MX) and Fresnillo (FRES.L), which belong to Grupo Bal, owe some 962.6 million pesos and 492.6 million pesos respectively, the figures show, while Frisco (MFRISCOA1.MX) owes some 189.1 million pesos.

Neither Frisco nor Penoles paid anything for 2015 for the mining royalty, while others’ payments fell short of estimates, according to preliminary government accounts for the second year the levy was in force. Reuters could not determine whether the companies had received the government estimates.

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