As a result, the
The companies leading the losses were Peñoles, with a drop of 8.67%, its biggest setback since last
Inbursa, Qualitas Controladora and Alfa also joined the losing close.
SAT influences the fall of mining companies
Iván Santín, independent analyst, shared with EL CEO that such fall of Mexican mining companies was also derived after the SAT reported the results of the tax evasion studies carried out in 2021, where the evasion in the mining sector was disclosed.
Through a statement issued by the
It was detected that this possible evasion is carried out when mining companies disguise investments in extraction as an expense or reclassification of the same, in order to increase their deductions and thereby pay less taxes
said the press release.
The sub-sectors identified with the highest possible evasion were companies with silver, lead and zinc, and iron extraction, which together represent 70% of the total estimated evasion, detailed the SAT.
Copper closes at its lowest level since
Meanwhile, copper recorded its lowest price in 16 months due to investors’ concerns about a possible global economic recession.
At the close of the day, the metal fell 5.10% to
The plunge also stemmed as the Fed’s interest rate hike and weak economic data fueled demand concerns.
Elsewhere, gold prices extended losses to a fourth straight session, falling 0.5%, to close at
Gold prices fell on the possibility of higher
Likewise, silver added to the fall of its peers by closing with a loss of 1.8%, at a price of
What factors determined the metals’ fall?
One of the main factors that determined the fall of metals are the fears of a possible recession in
“An economic recession is certainly a possibility. We are not trying to cause a recession, but we do believe it is absolutely essential to bring inflation down,” Powell said during the congressional hearing.