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Sept 25 (Reuters) - Silver Wheaton Corp said it received reassessment notices from Canada's tax authorities, ordering the mining financing company to pay C$353 million ($264.70 million) in back taxes. The Vancouver-based company said the notices are consistent with the proposal it had received in July from the revenue agency to tax about C$715 million of income earned by its foreign units between 2005 and 2010. Silver Wheaton, which will be required to make a deposit of C$177 million with the agency while it pursues a defense, said it intends to file a notice of objection within the required 90 day period. Silver Wheaton is the world's biggest mining "streaming" company. It pioneered streaming, which involves providing financing to miners for the right to buy a percentage of their future metal production. The company, whose shares are down more than 30 percent since the announcement of proposed tax charge in July, said earlier this week that it is keen to get its disagreement with Canada's tax authorities to court as soon as possible but any resolution is at least two years away. ($1 = 1.3336 Canadian dollars) (Reporting by Rishika Sadam in Bengaluru; Editing by Anupama Dwivedi)
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Silver Wheaton
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PRODUCER |
CODE : SLW.TO |
ISIN : CA8283361076 |
CUSIP : 828336107 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Silver Wheaton is based in Canada. Silver Wheaton produces silver, copper, gold, lead, silica and zinc in Canada, in Greece, in Mexico, in Peru, in Portugal and in Sweden, develops copper, gold, silver and zinc in Canada and in Chile, and holds various exploration projects in Argentina and in Portugal. Its main assets in production are ZINKGRUVAN in Sweden, KENO HILL (BELLEKENO) and MINTO MINE in Canada, SAN MARTIN - LUISMIN, PEÑASQUITO, LUISMIN and G-9 CAMPO MORADO in Mexico, YAULIYACU in Peru, STRATONI in Greece and NEVES-CORVO in Portugal, its main assets in development are PASCUA LAMA in Chile and KUTCHO CREEK in Canada and its main exploration properties are PROMOTORIO DURANGO and MONTOROS in Mexico, ALJUSTREL in Portugal and LOMA DE LA PLATA (NAVIDAD) in Argentina. Silver Wheaton is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 12.6 billions as of today (US$ 9.2 billions, € 8.4 billions). Its stock quote reached its lowest recent point on March 09, 2007 at CA$ 10.01, and its highest recent level on May 15, 2017 at CA$ 28.53. Silver Wheaton has 441 520 000 shares outstanding. |