Mexico mining sector sees Foreign Direct Investmen
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Posted On: 11/26/2014 11:34:47 AM
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Mexico mining sector sees Foreign Direct Investment (FDI) surge
By Samuel Williams - Tuesday, November 25, 2014
Foreign direct investment (FDI) in Mexico's mining sector reached US$2.18bn over the first nine months, according to a preliminary release from the economy ministry.
The amount represents a significant increase on preliminary figures for the same period of 2013, when a ministry press release said mining made up 5% of the country's total FDI of US$28.2bn, or about US$1.41bn.
Total FDI in January-September this year was US$15.3bn, the ministry said, with mining the third biggest recipient behind manufacturing (US$9.12bn) and financial services (US$3.79bn).
The data is based on realized investments formally notified to the ministry and may be revised in the coming quarters, the ministry said.
The increase in mining FDI comes despite the introduction of mining taxes in January – comprising a 7.5% tax on income minus certain deductions and a 0.5% gross revenue charge on gold, silver and platinum mining – and falling gold and silver prices.
Overseas companies with mining operations in Mexico include Canadian precious metal miners Goldcorp, Agnico Eagle Mines, First Majestic Silver, Alamos Gold, Pan American Silver and US-based Coeur Mining.
Mexico is the world's biggest silver mining country and a top 10 producer of copper, gold, zinc and lead.
http://www.bnamericas.com/news/mining/mexico-...-fdi-surge
By Samuel Williams - Tuesday, November 25, 2014
Foreign direct investment (FDI) in Mexico's mining sector reached US$2.18bn over the first nine months, according to a preliminary release from the economy ministry.
The amount represents a significant increase on preliminary figures for the same period of 2013, when a ministry press release said mining made up 5% of the country's total FDI of US$28.2bn, or about US$1.41bn.
Total FDI in January-September this year was US$15.3bn, the ministry said, with mining the third biggest recipient behind manufacturing (US$9.12bn) and financial services (US$3.79bn).
The data is based on realized investments formally notified to the ministry and may be revised in the coming quarters, the ministry said.
The increase in mining FDI comes despite the introduction of mining taxes in January – comprising a 7.5% tax on income minus certain deductions and a 0.5% gross revenue charge on gold, silver and platinum mining – and falling gold and silver prices.
Overseas companies with mining operations in Mexico include Canadian precious metal miners Goldcorp, Agnico Eagle Mines, First Majestic Silver, Alamos Gold, Pan American Silver and US-based Coeur Mining.
Mexico is the world's biggest silver mining country and a top 10 producer of copper, gold, zinc and lead.
http://www.bnamericas.com/news/mining/mexico-...-fdi-surge
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