{"id":380428,"date":"2020-11-12T16:54:09","date_gmt":"2020-11-12T21:54:09","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=380428"},"modified":"2020-11-12T16:54:09","modified_gmt":"2020-11-12T21:54:09","slug":"first-majestic-to-appeal-circuit-court-decision-to-nullify-apa","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/first-majestic-to-appeal-circuit-court-decision-to-nullify-apa\/","title":{"rendered":"First Majestic to Appeal Circuit Court Decision to Nullify APA"},"content":{"rendered":"
\n

VANCOUVER, British Columbia, Nov. 12, 2020 (GLOBE NEWSWIRE) — First Majestic Silver Corp. (“First Majestic” or the “Company”) announced today that its Mexican subsidiary Primero Empresa Minera, S.A. de C.V. (\u201cPEM\u201d) has now been provided with written reasons for the decision made on September 23, 2020 by the Mexican Federal Court on Administrative Matters (\u201cFederal Court\u201d), nullifying the Advance Pricing Agreement (\u201cAPA\u201d) concluded in 2012 between PEM and the Mexican tax authority, Servicio de Administracion Tributaria (\u201cSAT\u201d).<\/p>\n

The Federal Court\u2019s decision directs SAT to re-examine the evidence and basis for the issuance of the APA with retroactive effect, for the following key reasons (i) SAT\u2019s errors in analyzing PEM\u2019s request for the APA and the evidence provided in support of the request; and (ii) SAT\u2019s failure to request from PEM certain additional information before issuing the APA. The Company\u2019s legal advisors having now reviewed the written reasons continue to be of the view that the Federal Court\u2019s decision is flawed both due to procedural irregularities and failure to address the relevant evidence and legal authorities. The Company intends to appeal the decision to the Circuit Courts by the December 1, 2020 deadline.<\/p>\n

The Company continues to seek an amicable resolution of its dispute with the Government of Mexico including by diplomatic channels of resolution. In addition, as previously disclosed, on May 13, 2020 the Company served a Notice of Intent to Submit a Claim on the Government of Mexico under the provisions of the North American Free Trade Agreement (\u201cNAFTA\u201d). The Company therefore continues to maintain the option of seeking a resolution of its dispute with the Government of Mexico through international arbitration.<\/p>\n

\n ABOUT THE COMPANY<\/strong>\n <\/p>\n

First Majestic is a publicly traded mining company focused on silver production in Mexico and is aggressively pursuing the development of its existing mineral property assets. The Company presently owns and operates the San Dimas Silver\/Gold Mine, the Santa Elena Silver\/Gold Mine and the La Encantada Silver Mine. Production from these mines are projected to be between 11.0 to 11.7 million silver ounces or 21.4 to 22.9 million silver equivalent ounces in 2020.<\/p>\n

FOR FURTHER INFORMATION contact info@firstmajestic.com<\/a>, visit our website at www.firstmajestic.com<\/a>\u00a0or call our toll-free number 1.866.529.2807.<\/p>\n

FIRST MAJESTIC SILVER CORP.<\/p>\n

\n “<\/em>
\n signed<\/em>
\n “<\/em>\n <\/p>\n

Keith Neumeyer, President & CEO<\/p>\n

\n Cautionary Note Regarding Forward Looking Statements<\/strong>\n <\/p>\n

This press release contains \u201cforward\u2010looking information\u201d and “forward-looking statements\u201d under applicable Canadian and U.S. securities laws (collectively, \u201cforward\u2010looking statements\u201d). These statements relate to future events or the Company’s future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management’s experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: appeals of judgments; resolution of claims; arbitration proceedings; commercial mining operations; the timing and amount of estimated future production.\u00a0Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward\u2010looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as \u201cseek\u201d, \u201canticipate\u201d, \u201cplan\u201d, \u201ccontinue\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cmay\u201d, \u201cwill\u201d, \u201cproject\u201d, \u201cpredict\u201d, \u201cforecast\u201d, \u201cpotential\u201d, \u201ctarget\u201d, \u201cintend\u201d, \u201ccould\u201d, \u201cmight\u201d, \u201cshould\u201d, \u201cbelieve\u201d and similar expressions) are not statements of historical fact and may be \u201cforward\u2010looking statements\u201d.<\/p>\n

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of the coronavirus and COVID-19, and any other pandemics on our operations and workforce, and the effects on global economies, governments, courts and society, actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; availability of courts and arbitral panels; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the section entitled “Description of the Business – Risk Factors” in the Company’s most recent Annual Information Form, available on www.sedar.com<\/a>, and Form 40-F on file with the United States Securities and Exchange Commission in Washington, D.C. Although\u00a0First Majestic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.<\/p>\n

The Company believes that the expectations reflected in these forward\u2010looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward\u2010looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.<\/p>\n

\n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

VANCOUVER, British Columbia, Nov. 12, 2020 (GLOBE NEWSWIRE) — First Majestic Silver Corp. (“First Majestic” or the “Company”) announced today that its Mexican subsidiary Primero Empresa Minera, S.A. de C.V. (\u201cPEM\u201d) has now been provided with written reasons for the decision made on September 23, 2020 by the Mexican Federal Court on Administrative Matters (\u201cFederal Court\u201d), nullifying the Advance Pricing Agreement (\u201cAPA\u201d) concluded in 2012 between PEM and the Mexican tax authority, Servicio de Administracion Tributaria (\u201cSAT\u201d). The Federal Court\u2019s decision directs SAT to re-examine the evidence and basis for the issuance of the APA with retroactive effect, for the following key reasons (i) SAT\u2019s errors in analyzing PEM\u2019s request for the APA and the evidence provided in support of … <\/p>\n

Continue reading “First Majestic to Appeal Circuit Court Decision to Nullify APA”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-380428","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nFirst Majestic to Appeal Circuit Court Decision to Nullify APA - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/first-majestic-to-appeal-circuit-court-decision-to-nullify-apa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First Majestic to Appeal Circuit Court Decision to Nullify APA - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"VANCOUVER, British Columbia, Nov. 12, 2020 (GLOBE NEWSWIRE) — First Majestic Silver Corp. (“First Majestic” or the “Company”) announced today that its Mexican subsidiary Primero Empresa Minera, S.A. de C.V. (\u201cPEM\u201d) has now been provided with written reasons for the decision made on September 23, 2020 by the Mexican Federal Court on Administrative Matters (\u201cFederal Court\u201d), nullifying the Advance Pricing Agreement (\u201cAPA\u201d) concluded in 2012 between PEM and the Mexican tax authority, Servicio de Administracion Tributaria (\u201cSAT\u201d). The Federal Court\u2019s decision directs SAT to re-examine the evidence and basis for the issuance of the APA with retroactive effect, for the following key reasons (i) SAT\u2019s errors in analyzing PEM\u2019s request for the APA and the evidence provided in support of … Continue reading "First Majestic to Appeal Circuit Court Decision to Nullify APA"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/first-majestic-to-appeal-circuit-court-decision-to-nullify-apa\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-12T21:54:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA4NTM3MiMzODI1MzAxIzIwMDM5NjQ=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/first-majestic-to-appeal-circuit-court-decision-to-nullify-apa\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/first-majestic-to-appeal-circuit-court-decision-to-nullify-apa\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"First Majestic to Appeal Circuit Court Decision to Nullify APA\",\"datePublished\":\"2020-11-12T21:54:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/first-majestic-to-appeal-circuit-court-decision-to-nullify-apa\\\/\"},\"wordCount\":955,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/first-majestic-to-appeal-circuit-court-decision-to-nullify-apa\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODA4NTM3MiMzODI1MzAxIzIwMDM5NjQ=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/first-majestic-to-appeal-circuit-court-decision-to-nullify-apa\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/first-majestic-to-appeal-circuit-court-decision-to-nullify-apa\\\/\",\"name\":\"First Majestic to Appeal Circuit Court Decision to Nullify APA - 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