Profit sharing

NEM stock alert: 5 things to know as Newmont strikes profit-sharing deal

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Newmont (NYSE:NMS) the stock is in motion on Tuesday after the precious metals mining company announced a profit-sharing agreement.

Let’s go over all the details of this deal below!

  • According to a press release, it has signed a profit-sharing agreement with its workforce represented at the Peñasquito mine in Zacatecas, Mexico.
  • This will allow work to continue at the mine.
  • The agreement will require it to pay its represented employees an uncapped profit-sharing bonus of up to 10%.
  • This has an immediate cost equivalent to $70 million related to payments for the 2021 results.
  • It should be mentioned that this agreement is similar in nature to others across Mexico.

Tom Palmer, President and CEO of Newmont, said the following in the press release.

“We are pleased to have reached this agreement with the National Union of Mining, Metallurgical, Iron and Steel and Similar Workers of the Mexican Republic. Thanks to respectful dialogue and the active participation of union leaders, including Senator Napoleon Gómez Urrutia, we reached this agreement without interruption of the operation, guaranteeing a lasting relationship for the future of Peñasquito.

NEM stock sees no additional activity on today’s news. Instead, only about 1.5 million shares changed hands. That’s well below its average daily volume of around 6.4 million shares.

To go along with that, NEM stock is down 3.6% on Tuesday morning.

Investors looking for the latest stock market news are in the right place!

InvestorPlace has all the latest market coverage traders need for Tuesday! Among these is that which has shares of Exxon Mobil (NYSE:XOM), airline stocks and You’re here (NASDAQ:TSLA) moving stock today. You can read all this news on the links below!

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As of the date of publication, William White had no position (directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to Publication guidelines.

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