Gold mid-tiers’ Q3 2024 fundamentals
All-time-high gold prices combined with relatively-contained costs catapulted unit earnings to another epic record.
Billionaire Carlos Slim’s Minera Frisco announced Monday the closing of three of its mines as a result of labour conflict, according to ABC news.
Operations at two gold and silver mines and one copper mine were shut down, including El Coronel, one of Mexico’s most important mines, which produced “197,631 ounces of gold and 20,419 ounces of silver in 2011.”
El Coronel, located in the Northern state of Zacatecas, saw an outbreak of violence between two rival unions: one loyal to the government and another, the National Mine Workers’ Union, which has successfully wooed workers from El Coronel into its ranks.
Minera Frisco denied having fired any of its workers in response to the conflict.
The other two affected mines are the San Francisco del Oro gold and silver mine, and the copper mine Maria in northern Mexico.
Minera Frisco engages in exploration and exploitation of mining claims for the production and marketing of lead-silver concentrates, zinc concentrates, copper concentrates, copper cathode and doré bar (gold and silver).
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