A proposed 7.5% additional tax on the mining sector in Mexico will be “prohibitive” for many smaller players, Haywood Securities analyst Stefan Ioannou told BNamericas.
GoGold Resources Inc. is pleased to announce the closing of the US$35 million equity and debt financing with Orion Mine Finance, the details of which were previously announced in news releases dated July 12, 2013 and September 18, 2013.
Mercator Minerals Ltd., the copper producer that has fallen 79 percent this year, hired BMO Capital Markets to advise on a potential sale or merger as it deferred a debt payment on its Arizona mine.
Cream Minerals Ltd. is pleased to announce the results of the Company’s annual general and special meeting of shareholders held on September 27, 2013 (the “AGM”) as follows:
Mercator Minerals Ltd. announces that in light of the commodity price environment, capital market conditions and the challenges these pose for the Company, the board of directors has advanced and accelerated its ongoing process to review strategic alternatives. Its special committee of the board of directors (comprised of Robert J. Quinn, Stephen P. Quin and Ron Vankoughnett) will oversee the process on behalf of and in consultation with the full board. In addition, BMO Capital Markets has been engaged as financial advisor in connection with the process. The strategic alternatives being considered include, but are not limited to, a sale of the Company, a business combination with another entity, a sale of all or a portion of the assets of the Company, a strategic investment in the Company or any combination thereof.
Aurcana Corporation wishes to announce that Dr. Sadek El Alfy, Vice President Operations, has left Aurcana Corporation. The Company would like to wish him every success in his future endeavors.
For many years, Mexico has been considered a very friendly place to explore and mine precious metals and base metals. However, that may soon begin to change if the proposed 7.5% royalty is enacted. Under the terms of the proposal, which was presented to the Mexican legislature earlier this month, a 7.5% royalty would be applied to EBITDA income (earnings before interest, taxes, depreciation, and amortization) for all mining operations. An additional 0.5% royalty would be applied to income from gold, silver, and platinum, which would bring the total tax to 8%. Earlier in the year, a 5% royalty was proposed but now it has been raised to 7.5% minimum. The proposal is currently being studied and analyzed by the mining chamber.
Canadian Mining Company Inc. reports it has received notice of cancellation September 25, 2013 of the Option and Joint Venture Agreements with Ironwood Gold Corp. on the Companys San Bernardo and Arizona Bullard Pass Gold Projects as released on February 5, 2013 and May 30, 2013. Ironwood has been unable to meet its obligations laid out in the Agreements due to the difficult conditions facing junior mining companies in funding exploration.
Prospero Silver Corp. is pleased to announce that it has completed the non-brokered private placement first announced on September 4, 2013 of 5,000,000 Shares at a price of $0.05 per Share, for gross proceeds of CDN $250,000.
Torex Gold Resources Inc. is pleased to announce that it has filed a technical report prepared in accordance with National Instrument 43-101 in support of the Company’s September 16, 2013 news release, which included an inferred mineral resource estimate for its Media Luna Project in Mexico.
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