Boston, MA -- (SBWIRE) -- 05/06/2014 -- Mexico has rich mineral deposits including silver, gold, barite, zinc, lead and manganese. The main mining provinces in Mexico are Sonora, Coahuila, Zacatecas, Chihuahua, Baja California Sur, San Luis Potosi, Durango and Guanajuato. The mining industry is governed by several governing bodies, among which the Ministry of Economy is the apex body involved in the functioning of the other governing bodies. The Mining Law (Ley Minera) is the main governing law in the Mexican mining industry.
- The General Mining Coordination provides the regulatory framework to provide legal security for resolutions passed, and ensures the free movement of individuals in the exploration and exploitation of the nation's mineral resources.
- The Ministry of Economy is the main federal institution that promotes economic growth and employment generation in the country.
- The Mexican Mining Chamber represents the general interests of the mining and metallurgical industry in the country.
- The Fideicomiso de Fomento Minero (FIFOMI) was formed as a part of the Ministry of Economy. FIFOMI works to strengthen and integrate the mining industry and its activities.
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The report outlines Mexico's governing laws, mining concessions, mining concessions rights and obligations and key fiscal terms which includes royalty, income tax, capital gains tax, tax incentives, withholding tax, depreciation rates, other taxes, loss carry forward, deductions and VAT.
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