Black Hawk's Triton Minera strikes agreement with union
2003-01-15 14:03 PT - News Release
Mr. Garth MacRae reports
On Jan. 14, 2003, Triton Minera S.A., a 95-per-cent-owned subsidiary of Black Hawk, entered into a new two-year agreement with the union "Pedro Roque Blandon" representing the workers at its Limon mine in Nicaragua.
The new agreement is effective Jan. 14, 2003, and replaces the old agreement that expired in October, 2001. The new agreement provides for a two-year contract with no wage increase in the first year and a possible increase in the second year subject to negotiations between Triton and the union. In addition, the new agreement accommodates a 30-per-cent reduction in the work force with the laid off personnel to be rehired on an as needed basis and in preference to new hires.
The signing of the new agreement brings about an end to a series of illegal strike actions. As a result of the illegal activities Triton terminated 206 employees. Matters culminated in an illegal blockage of access to the mine on Jan. 4, 2003, by a dissident group of the dismissed employees and union leadership who were protesting Triton's refusal to rehire all of the 206 dismissed employees. Triton management determined that a downsizing of 30 per cent of the work force was required and the union agreed to Triton's offer to rehire 70 per cent of the former employees. Operations at the mine resumed on Jan. 11, 2003, and Black Hawk expects mining operations to return to normal shortly. The company expects to produce 58,000 ounces of gold in 2003 at a cash cost at the mine site of less than $200 per ounce of gold.
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They way I read this, we still have another quarter to go to work off the hedges, why don't they just buy them back?
Wayne |
