Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
The Canadian IPO market saw a $1.3 billion surge in new equity issues in 2012’s fourth quarter, according to the results of PricewaterhouseCoopers’ annual survey of Canadian equity markets released this morning.
The total new equity issued in 2012 was $1.8 billion – meaning Q4’s issues made up over two-thirds of the issues for the entire year.
“The results of the last quarter not only speak to the pent-up demand for equity capital, they are a testament to the underlying strength of the larger Canadian economy,” said PwC national IPO services leader Dean Braunsteiner.
“We went from a disappointing start to a reasonable outcome in 12 months.”
In 2012, all Canadian exchanges saw a total of 62 IPOs comprising the $1.8 billion, compared with 2011’s 61 IPOs worth $2 billion.
Braunsteiner said although the fourth quarter’s results are positive, it is not all smooth sailing going into 2013.
“The usual caveats still apply,” he said. “Issues left unresolved by the ‘fiscal cliff’ negotiations in the U.S. will continue to hang over that market, and we are far from a resolution of the debt crisis in Europe.
“Caution is still the watchword.”
A $365 million IPO by Hudson’s Bay Company in Q4 was the largest of the year.
By Emma Crawford, BIV
