Peñasquito Strike Prompts Newmont to Reconsider Investments

After a four week-long strike, Newmont reconsiders its investment decision, which impacts the company’s next year profits and the income of more than 5,000 families. Furthermore, industrial production in Mexico grew by 3.9% during May 2023. Performance was mainly driven by the construction and mining sectors. 

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A New Era for Mining
Rubén Cano, Founding Partner, CR Legal Partners Mexico, discusses the impact of recent mining law reforms in Mexico. Collaboration between stakeholders and the government is crucial in shaping upcoming regulations. Legal challenges have been launched by mining companies, questioning the constitutionality of the reforms. Cano highlights the importance of responsible mining, urging innovation and adaptation while balancing economic growth, social development and environmental protection.

A Month Into the Strike at the Peñasquito Mine, Newmont Reconsiders Its Investments
Newmont expressed concerns over the sustainability of its operations at the Peñasquito mine in Zacatecas, due to an ongoing strike. The company states that the strike not only affects profits but also impacts the livelihoods of over 5,000 employees and contractors' families, as well as 25 communities in the mine's vicinity and 28,000 indirect jobs.

Significant Progress in Energy and Mining Talks Between Mexico and Canada
Canada's Minister of International Trade, Mary Ng, acknowledges the significant progress in mining relations with Mexico, amid ongoing discussions on the country's mining law reform. During her visit to Cancun, Ng commends Mexico's commitment to sustainable mining practices and emphasizes the importance of implementing mining reforms that uphold rule-based trade.  

Mexico’s Industrial Production Grew by 3.9% in May
Mexico's industrial production experienced year-on-year growth of 3.9% in May, driven by the construction sector and with growth observed across all sectors, according to INEGI. The mining industry witnessed a 5.1% increase, contributing to the overall growth along with electricity generation, water supply and gas distribution at 2%, construction at 9.2% and manufacturing at 1.9%.