Mexican tax reforms tough on Canadian miners

David Pett | October 31, 2013 2:03 PM ET
Significant reforms to Mexico’s tax regime, which moved one step closer to reality this week, are the latest headwind negatively impacting Canada’s beleaguered mining sector.
Shares in several Canadian miners with Mexican operations are swooning after Mexico’s Senate on Tuesday gave its general approval of tax reforms hard sought by President Enrique Pena Nieto.
Argonaut Gold Inc. has been among the hardest hit, falling by double digits this week, but it’s not alone. Aurcana Corp., Endeavour International Corp., Great Panther Silver Corp. and Silvercrest Mines Inc. have also been off. Falling prices for precious metals aren’t helping either.