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Newmont said it has come to a deal with the National Union of Mine, Metal and Allied Workers of the Mexican Republic to bring a strike at its Pe\u00f1asquito operation in the Zacatecas state to an end.<\/p>\n\n\n\n
The strike was initially called June 7. The parties submitted its agreement to the Mexican Labor Court on October 13, which was approved.<\/p>\n\n\n\n
Newmont President and CEO Tom Palmer said the miner\u2019s focus is now organizing a safe return-to-work plan and a quick ramp up of operations while strengthening workforce relationships.<\/p>\n\n\n\n
He noted the strike was initiated by the union demanding the company pay additional profit sharing, equivalent to double the amount agreed upon one year ago, along with other alleged violations of the collective bargaining Agreement.<\/p>\n\n\n\n
Some key terms of the agreement include:<\/p>\n\n\n\n
Additionally, as part of the separate, annual wage negotiations under the CBA, Newmont and the union have agreed to an 8% wage increase, in line with Mexican mining industry wage increases for 2023.<\/p>\n\n\n\n
\u201cThis unnecessary strike has caused significant hardship for all of our employees, contractors, host communities, suppliers and customers,\u201d he said.<\/p>\n\n\n\n
\u201cWe will continue to honor our commitments, comply with the law and the collective bargaining agreement, and work to protect the long-term value of Pe\u00f1asquito.\u201d<\/p>\n\n\n\n
In 2022, Newmont said Pe\u00f1asquito contributed US$1.9 billion in economic value to Mexico, including $643 million in employee wages and benefits, taxes, and royalty payments to federal, state, and local governments, and investments in community infrastructure and water projects.<\/p>\n\n\n\n
Minera Pe\u00f1asquito is the second largest employer in Zacatecas.<\/p>\n\n\n\n