Newmont Reached a Preliminary Agreement with Peñasquito Mine’s Union
Newmont Corp. (NYSE: NEM, TSX: NGT) confirms it has reached a preliminary agreement with the National Union of Mine, Metal, and Allied Workers of the Mexican Republic (the Union) aiming to end the strike initiated by the Union on June 7, 2023 at Minera Peñasquito in the Mexican state of Zacatecas.
The preliminary agreement was ratified by the General Assembly of the Union on October 5, 2023.
This preliminary agreement is intended to be formalized into a definitive agreement, which the parties will have to agree, approve, sign, and file with the Federal Labor Tribunal for Collective Affairs in Mexico City for final approval.
This process is expected to conclude in the coming days, which would bring the strike to an end and enable the Company to start the execution of the return to work plan to ensure a safe restart of operations.
About Newmont
Newmont is the world's leading gold company and a producer of copper, silver, zinc and lead. The Company's world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925.
At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont's sustainability strategy and initiatives, go to www.newmont.com.
Cautionary Statement Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. Forward-looking statements may include, without limitation, expectations regarding the execution and approval of a final definitive agreement, timing of the end of the labor strike, timing of resumption of operating activities and ramp up, and the future of Peñasquito and related union and labor relations. Expectations of future events are based upon certain assumptions, which may prove to be incorrect, and remain subject to risks, which could cause actual results to differ materially. As such, no assurances can be provided that the preliminary agreement will be formalized on the same terms, if at all. For a discussion of risks and other factors that might impact future looking statements, see the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 filed with the U.S. Securities and Exchange Commission (the "SEC"), under the headings "Forward-Looking Statements" and "Risk Factors", including under Part II - Item 1A under the heading "Our Peñasquito operation in Mexico is subject to social, political, regulatory, and economic risks", which is available on the SEC website or www.newmont.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20231006905038/en/
Contact
Media Contact
Omar Jabara
720.212.9651
omar.jabara@newmont.com
Investor Contact
Daniel Horton
303.837.5468
daniel.horton@newmont.com