Newmont ‘reviewing’ Mexico investments as worker strike drags on

Newmont CEO Tom Palmer

Newmont CEO Tom Palmer

21st August 2023

By: Bloomberg


Font size: - +

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



Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

Immersive Technologies
Immersive Technologies

Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.


Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (24/11/2023)
24th November 2023 By: Martin Creamer
A video round up of this week’s magazine, highlighting our cover story, features and Business Leader.
Magazine round up | 24 November 2023
24th November 2023
Photo of Martin Creamer
Renewables, green hydrogen, platinum make headlines
23rd November 2023

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?







sq:0.164 0.202s - 92pq - 4rq
Subscribe Now