Hedge funds slash bullish wagers on gold over Trump election win
Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
The governor of the northern Mexican state of Zacatecas, Alejandro Tello, issued a statement welcoming the reopening of the San Martín mine after an 11-year worker strike.
Operations at the zinc-copper-silver mine were halted in 2007 due to a conflict between unions. However, in February this year, in what the company deems a “peaceful election process,” the National Federation of Independent Unions took over the duties of representing mine workers in substitution of section 201 of the Mining Union.
Looking at the numbers provided by Industrial Minera México, Grupo Mexico’s subsidiary in charge of San Martín, the provincial officer said he was optimistic about the future of his home state.
In Tello’s view, Zacatecas will greatly benefit from the $500 million that the mine is expected to generate over the next decade.
The governor said that the reopening of the mine is a “historic event,” as it should create 3,600 direct and indirect jobs. Some $12.5 million are expected to be paid in wages every year.
He said that his government wants to join forces with investors and labourers. “Only by working together, we will be able to achieve common wellbeing,” he said.
According to Grupo México, the San Martín mine hosts 17 million tonnes of zinc, silver, lead, copper, and gold.
Following the decade-long stoppage, the company needs to invest some $77 million to get the mine up and going.
Comments
Patentbs
Lost wages. 12.5 m$ times 10 years is 125 million dollars. Thanks to the warring union leadership because this was all about jurisdiction. Nothing else.