Newmont Agrees To Profit Sharing Agreement with Peñasquito Union

By Brooks M. Deering, The Chicago Times

July 5, 2022

DENVER — Newmont Corporation agreed to a profit-sharing agreement with unionized workers at the Company’s Peñasquito mine in Zacatecas, Mexico.

The gold mining giant announce the agreement Tuesday in which its subsidiary, Newmont Peñasquito, will pay union workers an uncapped profit-sharing bonus up to 10%.  In addition, Newmont agreed to an “. . . immediate cost equivalent of $70 million, which is representative of the payments related to 2021 results.”

“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.  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.” said Newmont President and CEO Tom Palmer in a press release.

Newmont Corporation, based in Colorado, is the world’s largest gold mining company with over 30,000 employees and contractors.  Founded in 1921, Newmont controls gold mines in Nevada, Colorado, Ontario, Quebec, Mexico, the Dominican Republic, Australia, Ghana, Argentina, Peru, and Suriname.  Newmont also mines silver, zinc, copper, and lead.

The open pit operated Peñasquito Mine is considered the fifth largest silver mine in the world and is wholly owned by Newmont.