Newmont And Mexican Union Reach Agreement To End Peñasquito Gold Mine Strike
Portfolio Pulse from Shivani Kumaresan
Newmont Corporation (NYSE:NEM) has reached an agreement with the National Union of Mine, Metal, and Allied Workers of the Mexican Republic to end the strike at the Peñasquito mine. The agreement includes an 8% wage increase and compensation for lost wages. If the mine reports no profit in 2023 due to the strike, Newmont will pay an additional bonus in Q2 next year.
October 16, 2023 | 3:37 pm
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POSITIVE IMPACT
The end of the strike at Newmont's Peñasquito mine and the agreement reached could lead to a short-term increase in the company's stock price.
The end of the strike means that operations at the Peñasquito mine can resume, potentially leading to increased production and revenues for Newmont. This could have a positive impact on the company's stock price in the short term.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100