Exclusive: Mexico owes Canada miners over $360 million, led by Goldcorp – documents

6/8/2017 Reuters 

goldMexico’s tax agency is holding over $360 million in tax rebates owed to six Canadian miners, including $230 million to Goldcorp Inc, 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.

Goldcorp, the world’s No. 3 gold miner by market value, is owed the largest amount, according to documents seen by Reuters, followed by Torex Gold Resources, a small, Toronto-based miner which began commercial production at its Mexico mine last year and is waiting on a refund of some $66.5 million.

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