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Gold/Mining/Energy : Copper - analysis

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From: LoneClone	2/21/2007 11:01:03 AM
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Codelco union shoots down latest pay offer, nears strike Source: BNamericas metalsplace.com The latest union to undergo contract talks with Chile's state-owned copper company Codelco's Norte division rejected Tuesday the company's most recent offer, union spokesperson Pedro Maran told BNamericas. Tuesday was the last day for Codelco to submit a pay offer to the 530-person union. Now, the company has the option to request a five-day government mediation period in which another offer could arise. Codelco's latest offer was for a 3.8% pay raise in real terms and a 7mn-peso (US$12,976) bonus per worker. If no deal is reached, a legal strike could start on February 28 at the earliest. But the union is demanding an 8mn-peso bonus to match the one received by Codelco Norte unions 1, 2 and 3, said Maran, who also acted as spokesperson for the union at the Escondida copper mine during strikes last year. Codelco Norte accounts for about 60% of the company's 1.7Mt/y output from direct operations. Escondida is 57.5%-controlled by Anglo Australian BHP Billiton (NYSE: BHP).

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