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Newmont Corporation (NYSE:NEM, TSX:NGT) today announced that it has reached a profit-sharing agreement with its represented workforce at the Company's Peñasquito mine in Zacatecas, Mexico. The agreement supports the continued operation of Peñasquito into the future.
Consistent with other agreements across Mexico, Newmont Peñasquito will pay its represented workforce an uncapped profit-sharing bonus up to 10%, with an immediate cost equivalent of $70 million, which is representative of the payments related to 2021 results.
"We are pleased to have reached this agreement with the National Union of Mining, Metallurgical, Iron and Steel and Similar Workers of the Mexican Republic," said Newmont President and CEO Tom Palmer. "Through a respectful dialogue and the active participation of union leadership including Senator Napoléon Gómez Urrutia, we reached this agreement without interruption to the operation, ensuring a lasting relationship for the future of Peñasquito."
