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Mexico owes Canadian miners more than $360 million, Reuters says
Kenadyr Announces Partial Drill Results at the South Zone:
Intersects 40 Meters at 6.17 Grams of Gold per Ton
Friday, May 25, 2017
VANCOUVER, British Columbia, Canada -- Kenadyr Mining (Holdings) Corp. (TSX Venture: KEN, OTCQB: KNDYF, Frankfurt: KM0) announces that drilling at the South Zone of Kenadyr's fully owned Borubai License in the Kyrgyz Republic has intersected widespread gold mineralization including 40 meters at 6.17 grams per ton.
The South Zone is directly adjacent to Zijin Mining Group Co. Ltd.'s Taldy Bulak Levoberejnyi ("TBL") Mine deposit, currently in production.
Initial drilling was designed to intersect an area drilled by the Soviets between 1970 and 1990 that intersected significant gold mineralization. The current drill hole provides support for the validity of the historic Soviet results and indicates that widespread gold mineralization may exist on Kenadyr's license directly adjacent to (within 100 meters of) the TBL mine.
The South Zone is open in three directions and to depth and there are strong indications that it connects to the TBL deposit. Core recovery is greater than 95 percent and all intervals have been assayed using fire assay methods at an internationally accredited laboratory (ALS Global). ...
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By Alexandra Alper and Susan Taylor
Thursday, June 8, 2017
Mexico's tax agency is holding more than $360 million in tax rebates owed to six Canadian miners, including $230 million to Goldcorp Inc., according to sources and official documents seen by Reuters, escalating the situation into a showdown between the Mexican government and Canadian mining firms operating in Mexico.
In a string of meetings, Canadian officials have pressed Mexico to fix the problem, which hamstrings mining companies' ability to invest in operations and is particularly difficult for smaller, cash-strapped miners and explorers, people familiar with the matter said.
Vancouver-based Goldcorp declined to comment on its outstanding refund, which represents 142 percent of its 2016 net profit and 6 percent of its full-year revenue.
Goldcorp, the world's No. 3 gold miner by market value, is owed the largest amount, according to documents seen by Reuters, followed by Torex Gold Resources, a small, Toronto-based miner that began commercial production at its Mexico mine last year and is waiting on a refund of some $66.5 million. ...
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