Newmont Says Penasquito Blockade Lifted, But Suspension Continues

Date : 10/09/2019 @ 3:22PM
Source : Dow Jones News
Stock : Newmont Goldcorp Corporation (NEM)
Quote : 38.275  0.315 (0.83%) @ 3:22PM
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Newmont Says Penasquito Blockade Lifted, But Suspension Continues

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By Colin Kellaher

 

Newmont Goldcorp Corp. (NEM) Wednesday said a blockade at its Penasquito mine in Mexico has been lifted, but it said operations remain suspended while it seeks government assurances that the blockade won't be allowed to resume.

The Denver mining giant formed by the merger of Newmont Mining Corp. and Goldcorp Inc. said the blockade, which began Sept. 14, reduced the mine's third-quarter production by about 11,000 ounces of gold and roughly 51,000 gold-equivalent ounces from co-products.

Newmont last month said talks to resolve issues with a trucking contractor and some members of the Cedros community over water had broken down, and that the blockage, which had been lifted in April, was back in effect.

The company Wednesday said it continues to work with Mexican government authorities on a sustainable, long-term solution, adding that the lifting of the blockade paves the way for talks to resume.

The mine, part of the former Goldcorp, was hit by previous blockades in 2018, 2017 and 2016.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

October 09, 2019 10:07 ET (14:07 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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