leadf
logo-loader
viewWheaton Precious Metals

Silver Wheaton ordered to pay C$353mln in back taxes

courthouse_350_5605817a7112d.jpg
Silver Wheaton intends to file a notice of objection within 90 days.

Silver Wheaton (TSE:SLW) fell on Friday as the world’s largest precious-metals finance firm said it received reassessment notices from Canada's tax authorities, ordering the company to pay C$353mln in back taxes.

Shares were down 0.5% at C$16.57 at 12:42 p.m. in Toronto.

The Vancouver, British Columbia-based company said in a statement late Thursday that the notices are consistent with the proposal it had received in July from the revenue agency to tax about C$715mln of income earned by its foreign units between 2005 and 2010.

Silver Wheaton said it intends to file a notice of objection within the required 90 day period.

It will be required to make a deposit of C$177mln with the agency while it pursues a defense.

The company said earlier this week that any resolution is at least two years away.

Following the announcement, Dundee Capital Markets described the impact of the news as “slightly negative,” maintaining a “buy” rating on the stock with “high risk” and price target of C$26.00.

 

Quick facts: Wheaton Precious Metals

Price: 67.53 CAD

TSX:WPM
Market: TSX
Market Cap: $30.32 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Luminex Resources CEO says stay tuned for drill results out of its Condor...

Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF) CEO Marshall Koval tells Proactive the Vancouver-based mining company is making progress on its Condor Gold-Copper Project in Zamora-Chinchipe Province, southeast Ecuador. Koval says the group has advanced metallurgy at the site, continuing to...

1 day, 5 hours ago

2 min read