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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  First Majestic Silver Corp.    FR   CA32076V1031

FIRST MAJESTIC SILVER CORP.

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First Majestic Silver : Mexican president pressures Canadian miner in simmering tax dispute

02/22/2021 | 05:32pm EST
FILE PHOTO: Mexico's President Lopez Obrador addresses to the nation on his second anniversary as President, at the National Palace in Mexico City

MEXICO CITY (Reuters) - Mexican President Andres Manuel Lopez Obrador on Monday urged a Canadian mining company in the country to pay outstanding taxes, saying it was hiding behind the threat of international litigation to shirk its obligations.

Questioned at a news conference about the tax burden on mining firms in Mexico, Lopez Obrador said there were Canadian companies that met all their fiscal obligations.

"However, this other company does not," Lopez Obrador said, describing the miner as operating in Tayoltita in the northern state of Durango, without disclosing its name.

He appeared to be referring to First Majestic Silver Corp, which operates the San Dimas silver and gold mine in Tayoltita, one of its three working mines in Mexico.

Reuters reported this month that the government planned to seek 11 billion pesos ($534 million) from First Majestic in delinquent taxes.

First Majestic declined to comment on Lopez Obrador's remarks.

The company said previously it would pursue all legal options, including under international law, if it could not reach an agreement with tax authorities.

Lopez Obrador said the company was attempting to use international tribunals to protect itself.

"It has to pay taxes and it doesn't want to pay taxes," he said, adding he hoped the Canadian Embassy would take note of what he was saying. "Hopefully the ambassador ... urges them to come to their senses, because this cannot be permitted."

A spokeswoman for the embassy said it could not comment on matters involving private companies but that the ambassador was aware of the issue.

Lopez Obrador previously called on the Canadian mining sector to bring itself up to date on taxes amid a government push to boost corporate tax collection.

(Reporting by Daina Beth Solomon; Additional reporting by Dave Graham in Mexico City and Jeff Lewis in Toronto; Editing by Peter Cooney)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
FIRST MAJESTIC SILVER CORP. -7.19% 21.29 Delayed Quote.34.31%
SILVER -0.63% 26.349 Delayed Quote.1.16%
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Financials
Sales 2021 584 M 461 M 461 M
Net income 2021 103 M 81,8 M 81,8 M
Net cash 2021 168 M 133 M 133 M
P/E ratio 2021 41,9x
Yield 2021 0,06%
Capitalization 4 740 M 3 744 M 3 749 M
EV / Sales 2021 7,84x
Capi. / Sales 2022 6,24x
Nbr of Employees 4 000
Free-Float 94,5%
Chart FIRST MAJESTIC SILVER CORP.
Duration : Period :
First Majestic Silver Corp. Technical Analysis Chart | FR | CA32076V1031 | MarketScreener
Technical analysis trends FIRST MAJESTIC SILVER CORP.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 6
Average target price 20,08 CAD
Last Close Price 21,29 CAD
Spread / Highest target 26,8%
Spread / Average Target -5,70%
Spread / Lowest Target -32,5%
EPS Revisions
Managers and Directors
NameTitle
Keith Neumeyer President, Chief Executive Officer & Director
Raymond L. Polman Chief Financial Officer
Douglas Penrose Chairman
Jose Luis Figueroa Vice President-Information Technology
Steve Holmes Chief Operating Officer
Sector and Competitors
1st jan.Capitalization (M$)
FIRST MAJESTIC SILVER CORP.34.31%4 022
ANGLO AMERICAN PLATINUM LIMITED32.41%31 687
SIBANYE STILLWATER LIMITED19.98%13 488
IMPALA PLATINUM HOLDINGS LIMITED26.88%12 493
ALROSA1.96%9 607
PAN AMERICAN SILVER CORP.-4.21%6 962