Newmont Goldcorp (TSX: NGT; NYSE: NEM) has temporarily halted operations at its Peñasquito mine in Mexico, following the resumption of an illegal blockade.
This is the latest blockade to disrupt the mine since a trucking contractor and members of the Cedros community — one of Peñasquito’s 25 neighbouring communities — started the blockade on March 27.
The previous blockade triggered a suspension at the mine on April 29. The company ramped up mine operations after the blockade ended on June 16.
The open-pit Peñasquito mine, 780 km northwest of Mexico City, produced 272,000 oz. gold last year.
The company says it is willing to resume talks once the parties are ready to return to government-sponsored discussions.
The Peñasquito mine employs more than 6,500 people and provides another 20,000 indirect jobs in the region.
In other news, Newmont Goldcorp confirmed on Sept. 13 that the “process is underway for the potential sale” of its Red Lake mining complex in northwestern Ontario.
The Red Lake mine, 180 km north of Dryden, has produced over 29 million oz. gold since 1949.
At press time, Newmont Goldcorp’s shares were trading at $52.32 apiece with a 52-week trading range of $40.01 to $54.87. The company has 823 million common shares outstanding for a $43-billion market capitalization.
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