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This week’s talks between Newmont (New York Stock Exchange: no) and workers at the Penasquito mine failed to resolve the strike, which lasted nearly a month, and the Mexican Chamber of Mines said Wednesday that the ongoing strike will great harm the The country’s production is already double.
The suspension of operations at Mexico’s largest mine in terms of gold and silver production is expected to affect national mining production which already came in flat year-on-year in the four months between January and April. Mexico’s mining production for fiscal 2022 fell by 5.3%. Y/Y up to 317 billion pesos (about 15.8 billion US dollars), with gold production accounting for 30.6% of the total.
The National Federation of Mine and Metal Workers claims that the company failed to make the agreed payments and did not comply with the collective agreement signed a year ago.
Like Peñasquito in Zacatecas state, the Grupo Mexico (OTCPK: GMBXF) San Martin mine hosts a labor dispute that has prompted the United States to demand that Mexico review possible violations of workers’ rights under the USMCA.
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