Strike at Mexico gold mine costs Newmont $3.7m a day
The operator of Mexico’s largest gold mine says it is losing millions of dollars a day on a strike that has dragged on for months.
Newmont, the world’s largest bullion producer, pegged the financial impact of the dispute at its Penasquito mine at $1-million a day in maintenance costs and $2.7-million a day in lost revenue in a statement posted to the mine’s Facebook page Monday.
As a result, the mine will not turn a profit this year, the Denver-based company said.
The Penasquito mine shuttered in early June when about 2 000 unionized workers stopped work over a profit-sharing agreement and alleged contract breaches. The company has since declared force majeure on products. Top executives, including CEO Tom Palmer, visited Mexico in August to meet with government officials to lobby for a resolution.
Penasquito, in Zacatecas in the center-north region of Mexico, is a major supplier of gold, silver, zinc and lead. The strike marks the third labor dispute since Newmont bought Penasquito from Goldcorp in 2019. It brought in $2.8-billion in sales in 2022.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation

















