Hemco and Equinox mining companies pay over USD 67 million for tax adjustments in Nicaragua
Two large foreign mining companies agreed to millionaire payments to the Nicaraguan treasury after tax disputes
TL;DR
- Mineros and Equinox Gold, foreign mining companies operating in Nicaragua, have agreed to pay over $67 million in total to the Nicaraguan tax authority.
- The payments stem from tax assessments concerning income tax declarations filed between 2019 and 2024, which the tax authority deemed incorrect.
- Mineros agreed to pay approximately $49.3 million, while Equinox Gold agreed to pay $37.9 million, having already paid $18.4 million.
- Both companies initially rejected the tax claims and filed appeals, but these appeals were ultimately dismissed by the Administrative Customs and Tax Tribunal.
- These settlements occur amidst broader tax oversight actions by Nicaraguan authorities in the mining sector.
- The mining sector represents a significant portion of Nicaragua's economy, with these two companies holding a substantial number of mining concessions.