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Mexico's Penoles agrees to pay $75 million in tax dispute

Reuters - UK Focus

MEXICO CITY, Dec 26 (Reuters) - Industrias Penoles , a Mexican miner and metals processor, said on Friday it had agreed to pay Mexico's tax office about 1.1 billion pesos ($75 million) to settle a tax dispute.

Penoles, which runs Fresnillo (Other OTC: FNLPF - news) , the world's largest primary silver producer, said the payment would settle audits between 2009 and 2012 and be reflected in its 2014 consolidated results.

The payment is almost the same as the company's third-quarter 2014 profit.

"This agreement derives from certain differences over the interpretation of certain fiscal regulations, mainly in the area of value added tax," the company said in a filing.

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Shares (Berlin: DI6.BE - news) in the company were down 1.49 percent at 283.90 pesos per share in afternoon trading.

($1 = 14.7027 pesos) (Reporting by Gabriel Stargardter; Editing by Meredith Mazzilli)