Newmont, Union Reach Agreement To End Strike At Peasquito Mine In Mexico

(RTTNews) - Newmont Corp. (NEM, NGT.TO) has reached a definitive agreement with the National Union of Mine, Metal, and Allied Workers of the Mexican Republic to end the strike initiated by the Union on June 7, 2023, at the Peasquito mine. The company expects to take several weeks to achieve stable production levels at the mine.

The strike was initiated by the Union demanding the company pay additional profit sharing. As per the agreement, Newmont will not pay any additional incremental profit sharing for 2022. Newmont will pay employees roughly equivalent to 60% of wages lost, since the strike began on June 7, 2023.

Separately, Newmont and the Union have agreed to an 8% wage increase, in line with Mexican mining industry wage increases for 2023.