New Deals, Investments, Growth: This Week in Mining

Newmont secured a new agreement for the Peñasquito mine through 2026, while BloombergNEF projects a US$2.1 trillion investment need in mining by 2050. GoGold reported 406,150oz silver equivalent production in 3Q24, and Mexico’s mining sector grew by 0.1% in August. Acapulco will host the 2025 International Mining Convention, attracting 14,000 participants.

This is the Week in Mining!

Newmont Signs New Collective Bargaining Agreement for Peñasquito

Newmont Corporation has reached a new Collective Bargaining Agreement (CBA) with the National Union of Mining, Metallurgical, Steel, and Similar Workers (SNTMMSSRM) for the Peñasquito mine, which will govern the terms of employment from 2024 to 2026. The agreement reflects a mutual commitment to worker rights and operational stability at the mine, which is the largest gold mine in Mexico.

Mining Industry Faces US$2.1 Trillion Investment Need by 2050

BloombergNEF's Economic Transition Scenario estimates that the world will require between 3Bt and 6Bt of metals from 2024 to 2050 to support low-carbon solutions. Consequently, the mining industry will need to invest US$2.1 trillion by 2050, according to BloombergNEF's annual Transition Metals Outlook.

GoGold Resources Produced 406,150oz AgEq in 3Q24

Canada-based mining company GoGold Resources reported production of 406,150oz of silver (AgEq) in 3Q24 at its Parral Tailings operation in Chihuahua. The company noted steady growth throughout the quarter, with a significant production increase in September, which generated positive cash flow for that month.

Mining Sector’s Production Value Grows 0.1% in August 2024

Mexico's mining production value saw a 0.1% increase in August 2024, according to data from INEGI. This growth in the mining sector contrasts with a 0.5% contraction in the overall industrial production value during the same period.

Acapulco Hosts the International Mining Convention in 2025

This week, Acapulco welcomed the XXXVI International Mining Convention, a key event for Latin America’s mining industry. The convention is expected to attract over 14,000 participants to Acapulco, providing a significant boost to the local economy as the city rebuilds itself from recent natural disasters.