Peñasquito Strike Ends; Vulcan Materials Rejects New Offer
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Peñasquito Strike Ends; Vulcan Materials Rejects New Offer

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Paloma Duran By Paloma Duran | Journalist and Industry Analyst - Thu, 10/12/2023 - 10:00

Peñasquito strike ended after both parties agreed to increase workers' salaries by 8%. Vulcan Materials has rejected the Mexican government's offer of US$440 million to have its Quintana Roo concessions. In addition, La Colorada’s operations will be on hold until Pan American Silver deems it is safe to resume operations.

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Peñasquito Strike Ends After 120 Days

Nearly four months into the strike at Newmont's Peñasquito mine, a resolution has been reached between the mine's workers and the company, signaling the end of the labor dispute. According to STMMSSRM, both parties agreed to increase workers' wages by 8%, with retroactive payment from Aug. 1, 2023, in addition to a payment equivalent to MX$152 million (US$8.3 million) distributed equally among all 2,000 workers. The latest Newmont proposal offered a 7.5% increase, but the final figure was agreed at 8%. 

Vulcan Materials Rejects Government's Offer, Demands Compensation

Calica, a subsidiary of Vulcan Materials, was urged to accept the Mexican government's offer of US$440 million for the 2,000ha it has under concession in Quintana Roo. However, Vulcan has refused and is demanding US$1.5 billion in compensation for the government's decision to close its operations in 2022, after it determined Vulcan Materials’ operations were having a negative impact on the state’s natural environment.

Pan American Silver Faces Armed Robbery

Pan American Silver's La Colorada mine suffered an armed robbery last week, leading to an operations shutdown. So far, the company has not said when it will resume operations. However, company representatives have met with local authorities to ensure that resuming operations will guarantee the safety of workers and nearby communities.

Torex Gold to Start Copper Production in 2024

Torex Gold announced that it will begin producing copper at its Morelos Complex, located in Guerrero, in 2024. Torex expects to produce 450,000oz and 500,000oz AuEq per year, of which 25% will be gold and 75% copper. "This will undoubtedly make us the largest gold equivalent producer in the country. These are combined resources from Media Luna (75%), and El Limón Guajes (ELG) (25%)," Faysal Rodríguez told BNamericas.

Mining Exports Fell by 9%: CAMIMEX

The mining sector is undergoing a turbulent phase, characterized by what the industry deems a confrontational stance from the federal government. As a result of this challenging environment and the inefficient management of the country's customs, mining exports decreased by 9% in the first half of 2023, as reported by CAMIMEX.

Mining Sector Must Improve Communication Channels: AIMMGM

Confronted with regulatory and political challenges, AIMMGM urges the mining sector to strengthen resilience and refine communication strategies. The objective is to adeptly convey the essential environmentally and socially responsible practices inherent to mining operations. The association emphasizes the need for an open-door policy among all mining operators. 


Photo by:   omid roshan

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