Gold, News

Newmont Goldcorp Suspends Operations at Peñasquito Polymetallic Mine

Bloomberg BNN is reporting that Newmont Goldcorp has suspended operations at the Penasquito Mine, due to a dispute with local truckers. Penasquito is the 5th largest silver mine in the world and the largest gold mine in Mexico.

This is the second time in recent years where a dispute has led to a disruption of mining operations at the mine. In October of 2017, a week-long protest led by truckers who were upset with a loss of contracts at the mine. Operations resumed after Goldcorp promised to renew contracts with carriers, establish 2 health centres, improve infrastructure at a nearby town, and commit to a study of air and water conditions, to assess alleged contamination and potential compensation for affected communities.

In 2017, Goldcorp reported that the Penasquito Polymetallic Mine had Proven and Probable Reserves of 8.95 million ounces Gold (Au) and Silver of 545.6 (Ag). The mine produced 272,000 oz. Au last year, and 476,000 in 2017. The mine also has substantial zinc and lead reserves.

In March this year, Goldcorp’s Cerra Negro mine in Argentina also suspended operations for a period due to a labour dispute with the union.

Newmont, which acquired Goldcorp in April this year, to form Newmont Goldcorp (NYSE:NEM) closed at $30.64,  down -0.81.

Load More Related Articles
Load More By Chris Haugen
  • Gold Gold Investing

    Gold Streaming Stocks

    There are many different methods for investing in gold, as we have outlined previously.

    Gold streaming and royalty companies are a unique investment. They offer a distinct set of advantages and disadvantages in their exposure to gold.

    Mining streaming and royalty companies offer a number of benefits to investors that differ significantly from more traditional mining co’s. 

  • Gold News

    Newmont Goldcorp Suspends Operations at Peñasquito Polymetallic Mine

    Bloomberg BNN is reporting that Newmont Goldcorp has suspended operations at the Penasquito Mine, due to a dispute with local truckers. Penasquito is the 5th largest silver mine in the world and the largest gold mine in Mexico.

    This is the second time in recent years where a dispute has led to a disruption of mining operations at the mine. 

Load More In Gold

Check Also

Gold Streaming Stocks

There are many different methods for investing in gold, as we have outlined previously.

Gold streaming and royalty companies are a unique investment. They offer a distinct set of advantages and disadvantages in their exposure to gold.

Mining streaming and royalty companies offer a number of benefits to investors that differ significantly from more traditional mining co’s. 

Join Our Newsletter