Newmont Agrees to 10% Profit Share for Miners

Why this is here: Workers at the Peñasquito mine will share over 3.358 billion pesos—the largest profit-sharing payment in Mexico’s national mining industry.

The National Mining Union, led by Napoleón Gómez Urrutia, reached an agreement with Newmont, owner of the Peñasquito open-pit gold mine in Mazapil, Zacatecas, Mexico. The union secured a full 10 percent share of profits for workers, exceeding the standard practice of capping payments at the equivalent of three months’ salary.

More than 3.358 billion pesos will distribute among workers in section 304. This represents the largest profit-sharing payment in the national mining industry, according to the union. The agreement extends to roughly 135 million pesos for workers at the La Colorada mine, also in Zacatecas, secured in a recent negotiation with Pan American Silver.

The profit distribution is capped at either three months’ salary or the average profit share from the last three years. The union successfully negotiated for the full 10 percent as established by the National Commission for Worker Participation in Company Profits, as outlined in the Constitution. Negotiations continue to address other worker concerns and improve conditions.