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Newmont ‘reviewing’ Mexico investments as worker strike drags on

Newmont CEO Tom Palmer

Newmont CEO Tom Palmer

21st August 2023

By: Bloomberg

  

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Newmont, the world’s biggest gold miner, is reviewing its investments in Mexico with a workers’ strike at the country’s largest bullion mine now in its third month.

Top executives at the Denver-based firm, including CEO Tom Palmer, traveled to Mexico City this week to meet with senior government officials, imploring them to help resolve what Palmer called a “very, very disappointing” dispute at the Penasquito mine.

“This situation is forcing us to critically review our investments here in Mexico,” Palmer said in a meeting with Penasquito’s operators, posted on the mine’s Facebook page. “While we want to find a way through this, we are not willing to resolve this at any cost.”

The mine shuttered in early June when about 2 000 unionised workers downed tools over a dispute regarding a profit-sharing agreement and alleged contract breaches. The company has since declared force majeure on products from the mine and is seeking a resolution to the dispute in a labor court.

Palmer said he told Labor Minister Marath Bolanos in a meeting that the company is “not willing to negotiate any additional payment” for the workers’ profit-sharing agreement — a sticking point in the negotiations.

Besides gold and silver, Penasquito is also a major supplier of zinc and lead.

Edited by Bloomberg

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