Timing of APA nullificationPerhaps somebody else can confirm this. Based on the information available to me, it appears that Silver Wheaton hasn't been paying taxes on their Mexican streams to either Canada or Mexico. This could be the reason behind the timing for the nullification of the APA.
The only other companies with streams to SLW in mexico are Goldcorp (2) and Capstone (1). Thus far I don't see anything coming from the Mexican authorities on these two companies.
I don't know where some analysts are getting their numbers, but on 6M ounces going forward and using current spot prices it would represent a USD 25M tax liability for P under a 30% corporate tax rate.
Compare the recent performance in the share price between P and SLW. Revenue Canada has recently notified SLW that they plan to audit for 2011-2013 in addition to the reasessment of 2005-2010.
So 2011-2013 could = USD 310 million (not including penalties and interest). Add USD 265 million for 2005-2010 that CRA has already assessed. You can then assume that they will also audit 2014-2015. So SLW is facing almost USD 1 billion in potential tax liability only including back taxes, not increases going forward and the shares are performing reasonably well at the moment, relative to many others.
I do not understand the reaction to the P news relative to SLW.