“First Majestic takes Mexico tax row to arbitration”, 03 March 2021

...First Majestic Silver...has initiated arbitration proceedings against the government of Mexico, which is seeking more than $500 million from the company in allegedly owed taxes. The Canadian miner had warned the López Obrador administration last year of its intention to ask the International Centre for Settlement of Investment Disputes to mediate. Such a move triggered a 90-day period for the Mexican government to enter into negotiations with the company. First Majestic said at the time that Mexico had ignored an advanced pricing agreement (APA) with its subsidiary Primero Empresa Minera. The deal, it said, set up the basis for taxing silver sales from the San Dimas mine between 2010-2014. The government, which has made cracking down on tax breaks a priority, claims that First Majestic’s subsidiary artificially kept its silver prices low over the past decade to pay less taxes...President Andrés Manuel López Obrador recently criticized First Majestic for “failing to pay outstanding taxes” and accused the company of hiding behind the threat of international litigation to shirk its obligations...He said at the time his predecessors had granted about $20 billion in exemptions, which he said it was akin to theft by gangsters...