First Majestic Silver (TSX:FR; NYSE: AG) says it is getting ready to appeal a Mexican court decision this week that revoked a key agreement determining how the silver producer was taxed in the country.
The federal court’s ruling, yet to be formally delivered to the Canadian miner’s subsidiary, Primero Empresa Minera, cancels an Advanced Pricing Agreement (APA) governing the tax on silver sales between 2010-2014.
First Majestic said the “rushed” resolution did not follow regular procedures, as the court did not provide the company with an opportunity to present evidence supporting its case.
It also said the decision was “inconsistent with previous legal precedents,” adding that the ruling is against the Mexican constitution.
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