Mexican Gold Mine Strike Resolved with 8% Raise Proposal
The four-month-long labor strike at Newmont's Penasquito gold mine in Mexico has ended after workers and the company reached a deal to increase salaries. Both parties agreed to an 8% salary raise, retroactive to August 1, which is lower than the initial proposal by the union. The agreement also includes a 10% employee profit sharing for this year and a provision for the miner to pay two months' salary to workers if it fails to report profits. The strike resulted in a significant decrease in gold production and incurred operating costs for the mine.