LatinNews Daily - 21 October 2024

*Mexico’s mining and metalworkers’ union (SNTMMSSRM) has announced a successful negotiation with US mining giant Newmont to secure a direct salary rise of 7.5% at the Peñasquito mine. Located in the north-central state of Zacatecas, the Peñasquito mine employs 5,000 workers directly alongside 28,000 indirect workers, according to a statement from Newmont. The new collective bargaining agreement for 2024-2026 was “the outcome of a collaborative process characterised by open dialogue and a shared focus on the safety and wellbeing of our workforce”, according to Newmont. In addition to the pay rise, the US company has committed to an enhanced benefits package which will include life insurance, attendance and productivity bonuses, as well as the provision of school supplies, amongst other improvements. In a statement SNTMMSSRM revealed that an overwhelming majority of 96.5% of workers at the Peñasquito mine voted in favour of the new agreement. Negotiations were set against the backdrop of extensive strikes from June to October 2023, with workers calling for additional profit sharing.