Newmont Goldcorp (NEM) Resumes Operations At Penasquito Mine
Zacks Investment Research | Jun 20, 2019 08:23AM ET
Newmont Goldcorp Corporation (NYSE:NEM) recently announced that it is safely resuming operations at the Mexico-based Penasquito mine. The move follows the lifting of an illegal blockade along with discussions sponsored by the national government.
The company stated that concentrate shipments and delivery of supplies to the site have resumed. Moreover, the workers are undergoing orientation sessions to make sure that production starts in a safe and orderly manner.
Notably, the temporary suspension of operations started on Apr 29, 2019. During the period of suspension, the company utilized the downtime to undertake maintenance on various equipment and systems.
Newmont Goldcorp is committed to have a good-faith dialogue with the trucking company and the San Juan de Cedros community, which is one of the neighboring communities. This will enable it to achieve a fair and lasting resolution related to contracts along with water availability issues.
In 2018, the mine produced 272,000 ounces of gold and provided employment to more than 6,000 people. The Penasquito has improved water availability to neighboring communities through various projects including water treatment plants, new pipelines, wells and water trucks.
Newmont Goldcorp’s shares have lost 1.7% in the past year, against the 20.1% rise of the Original post
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