First Majestic Silver Corp AG

Primary Symbol: T.AG

Metals & Mining Silver

First Majestic Silver Corp. is a Canada-based mining company focused on silver and gold production in Mexico and the United States. The Company owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, and the La Encantada Silver Mine as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada. The San Dimas Silver/Gold Mine is located approximately 130 kilometers (km) northwest of Durango, Durango State, Mexico and consists of 71,868 hectares (ha) of mining claims located in the states of Durango and Sinaloa, Mexico. The Santa Elena Silver/Gold Mine is located 150 km northeast of the city of Hermosillo, Sonora, Mexico and controls mining concessions totaling 102,244 ha. The La Encantada Silver Mine is an underground mine located in the northern Mexico State of Coahuila, 708 km northeast of Torreon. La Encantada has 4,076 ha of mineral concessions and surface land ownership of 1,343 ha.

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First Majestic Silver Corp

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Post by riskybznzon Mar 02, 2021 9:09pm

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Post# 32701887

First Majestic starts legal proceedings over...

over Mexico tax dispute

March 2 (Reuters) - Canadian miner First Majestic Silver Corp said on Tuesday it has started legal proceedings against the government of Mexico following a prolonged tax dispute with the country.

The company has been in the crosshairs of Mexico's local tax authority, related to an arrangement dating back to 2010 that involved silver pricing.

Mexico is the world's largest silver producer, responsible for nearly a quarter of global output, with production of about 6,300 tonnes in 2019, according to the U.S. Geological Survey.

Last month First Majestic said it would pursue all legal avenues, including those under international law, unless it can reach an amicable settlement with authorities.

The miner did not immediately respond to a Reuters request for comment about its next steps and target timeline for the arbitration proceedings.

Mexico's economy ministry did not immediately respond to a request for comment.

(Reporting by Arunima Kumar in Bengaluru and David Alire Garcia in San Salvador; Editing by Shounak Dasgupta)

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