As the conflict between the US and China escalates prior to the US’ presidential elections, gold hit its highest level in over a week last Monday. Meanwhile, palladium scored a record high. A breakthrough in trade talks between Washington and Beijing seems unlikely after US President Donald Trump told reporters on Friday he “does not seek” a partial agreement, while Chinese officials canceled a visit of goodwill to American farmers.
Uncertainty served some well, as Industrias Peñoles shares gained 35.98 percent in one month in the Mexican Stock Exchange (BMV). The company is the S&P/BMV IPC issuer with the best returns between August 19 and September 20 of this year representing a profit of MX$27.8 billion, from the MX$77.2 billion of market value the company had at the beginning of the period to MX$104.9 billion.
Meanwhile, Mexico’s National Alliance of Mining and Metallurgical Unions (UNASIM) reported it will validate collective labor contracts, as established by the new Federal Labor Law, but not the statutory adaptation that the law stipulates, since it threatens the internal life of unions.
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- UNASIM will legitimize collective labor contracts, as established by the new Federal Labor Law.
- Industrias Peñoles earned almost 40 percent in profit in a month in the BMV. This performance is related to gold’s bullish rally, the main metal that the company extracts.
- Gold hit its highest level in over a week last Monday in more than a week, fueled by tensions in the Middle East and uncertainty over trade negotiations between the US and China.
- Ensuring reliable sources of water is becoming a challenge for mining companies worldwide, says Moody’s rating agency. Water is used to process minerals, melting and refining, dust suppression, sludge transportation, equipment cleaning and for employee use.