2023-06-08 16:24:13 ET
Newmont ( NYSE: NEM ) said Thursday it has suspended operations at its Peñasquito mine in Mexico in response to a strike notice from Mexico's National Union of Mine and Metal Workers.
The company said it was notified by the union on June 7 of a strike action demanding an increase in the uncapped profit sharing benefit provided for in the collective bargaining agreement from 10% to 20%.
Newmont ( NEM ) said it remains willing to participate in conciliation meetings to reach a resolution in accordance with the CBA.
The Peñasquito mine produced 32.4M oz of silver in 2022, making it the largest silver mine in Mexico and the second largest silver mine in the world.
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Newmont suspends Peñasquito mine operations after strike notice