Late last month, the upper house of the Mexican Congress approved a new mining royalty tax. The Mexican mining tax would provide for a royalty of up to 7.5% on mining profits, plus a 0.5% tax on mining revenue.
Mexico, the largest silver producer in the world, is home to such mining companies as First Majestic (AG), Endeavor Silver (EXK), Alexco Resources (AXU), Auricana (AUNFF), Great Panther (GPL), Pan American Silver Corp (PAAS) and Silver Standard Resources (SSRI).
Mexico is also one of the largest gold producing countries in the world with GoldCorp (GG) having a large gold mine in the country. Junior gold miners Newstrike Capital (NES.V) and Westridge Resources (WST.V) also have presences in Mexico.
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