Gold major Newmont on Tuesday announced an uncapped profit-sharing bonus of up to 10% for workers at its Peñasquito mine, in Mexico, costing the company $70-million this year.
“We are pleased to have reached this agreement with the National Union of Mining, Metallurgical, Iron and Steel and Similar Workers of the Mexican Republic,” said Newmont president and CEO Tom Palmer.
“Through a respectful dialogue and the active participation of union leadership including Senator Napoléon Gómez Urrutia, we reached this agreement without interruption to the operation, ensuring a lasting relationship for the future of Peñasquito.”
Peñasquito will produce 475 000 oz this year.