Until a few months ago, Mexico was one of the rare countries left in the world that didnt charge taxes on mining production or profits. But a proposed 7.5% tax on resource companies, and as much as 8% for gold, silver and platinum miners, is scaring investors and small players away.
Scorpio Mining Corporation today announced the resignation of Mr. Thomas (Tom) McGrail from the position of Chief Operating Officer, effective November 1, 2013. Mr. McGrail, who was based in Cosalá, Mexico, has tendered his resignation in order to attend to pressing family matters which will require more of his time to be spent at home with his family.
Mammoth Resources Corp. is pleased to announcethat is has begun a ground Induced Polarization (IP) and Magnetometer(Mag) geophysical survey over select areas of the company’s Tenoribaproperty, located in the prolific Sierra Madre precious metal belt insouth western Chihuahua state, Mexico.
Alta Vista Ventures Ltd. is pleased to announce that it has signed a Letter of Intent with Tosca Mining allowing Tosca to acquire a 100% interest in the Carol Property located in southern Sonora State, Mexico.
Precipitate Gold Corp. is pleased to announce that it has completed its due diligence review and has notified Gunpoint Exploration Ltd. of its decision to proceed with the option to acquire a 100% interest in the Cecilia Project in Sonora, Mexico.
Oremex Silver Inc. announces that the Company and its wholly-owned Mexican subsidiary, Minera Mantos S. de R.L. de C.V., have entered into an agreement with First Majestic Silver Corp. pursuant to which the Company and Minera Mantos will grant to First Majestic an option to acquire, through a wholly-owned Mexican subsidiary, each of (i) an undivided 100% registered and beneficial title to the Company’s Chalchihuites mineral exploration property and (ii) all of the right, title and interest of the Company in the Navidad mineral exploration property as at the time of the exercise of the Company’s option in relation thereto in exchange for the aggregate option payment of $1,500,000. Oremex considers the Properties to be non-core assets of the Company.
Gunpoint Exploration Ltd. is pleased to announce that Precipitate Gold Corp. has completed its due diligence review and has notified Gunpoint of its decision to proceed with the option to acquire a 100% interest in the Cecilia Project in Sonora, Mexico from Gunpoint.
Goldcorp Inc. today reported adjusted quarterly revenues1 of $1.2 billion, generating adjusted net earnings1,2 of $190 million, or $0.23 per share, compared to $441 million, or $0.54 per share, in the third quarter of 2012. Revenues were $929 million and net earnings were $5 million in the quarter compared to net earnings of $498 million in the third quarter of 2012. Adjusted operating cash flow1,3 was $375 million, or $0.46 per share, compared to $686 million, or $0.85 per share, in the third quarter of 2012.
Teck Resources Ltd. reported stronger-than-expected third quarter earnings due to record coking coal sales, but profit still plunged 41% from last year because of lower prices for coal and other commodities.
First Majestic Silver Corp. is pleased to announce that further to its news release on September 30, 2013, the Court of Appeal has dismissed the appeal of Hector Davila Santos and Minerales y Minas Mexicanas, S.A. de C.V.
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