Published on 6 Jul 2022 on Zacks via Yahoo Finance
Newmont (NEM) Inks Profit-Sharing Deal With Penasquito Union
Newmont Corporation NEM inked a profit-sharing agreement with its represented workforce at its Penasquito mine in Zacatecas, Mexico. The deal supports the continued operation of Penasquito into the future.
Newmont Penasquito will pay its represented workforce an uncapped profit-sharing bonus of up to 10% in-line with other agreements across Mexico with an immediate cost equivalent of $70 million, which marks the payments related to 2021 results.
Newmont stated that through respectful dialogue and the active participation of union leadership, it reached this agreement without interruption to the operation, ensuring a lasting relationship for the future of Penasquito.