Dictatorship Also Bends the Arm of Equinox Gold: Canadian Miner Will Pay $37.4 Million to the DGI
Last December, they paid almost 50% of the claim for tax adjustments made by the General Directorate of Revenue.
TL;DR
- Equinox Gold was ordered to pay $37.4 million in tax adjustments to Nicaragua's General Directorate of Revenue (DGI).
- The company disputed the claim, arguing they had the legal right to deduct annual mining taxes from income taxes between 2019 and 2024.
- After an unfavorable ruling from the Customs and Tax Court (TATA), Equinox Gold accepted the claim and made its first payment of $18.4 million in December.
- Colombian company Hemco faced a similar claim and paid $49.3 million for non-payment of annual mining taxes.
- Equinox Gold abandoned the exploitation of over 200,000 hectares across multiple mining lots, including Jade, Azurita, Tamagás, Geranio, and Kisauri.
- These claims generated nearly $90 million for the DGI from the two major mining companies.
- In 2025, gold exports represented $1,961 million, with Equinox Gold and Hemco accounting for over 60% of this total.
- Together, Equinox Gold and Hemco hold 34.28% of the areas under mining exploitation in Nicaragua across 64 concessions.