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Gold/Mining/Energy : DISCOVERY BOARD ~ PRECIOUS METALS ENERGY URANIUM OIL

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From: PaperPerson	12/4/2011 8:02:25 AM
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Mining Strikes Round-Up 02 December 2011, 2:39 p.m. By Kitco News kitco.com (Kitco News) - Freeport McMoran Copper & Gold (NYSE:FCX) have resolved one of their two strikes as workers at their Peruvian Cerro Verde mine went back on the job this week. The same cannot be said about the company’s massive Grasberg mine which is still operating under with a wage dispute. Newmont Mining Corp. (NYSE:NEM)(TSX:NMC) dealt with severe escalations at its Peruvian mine as once peaceful protests were turning ugly. Anglo American Plc (LSE: AAL)(JSE: ANGLO) and Xstrata Plc (LSE:XTA) (SIX:XTAN) had a brief worker strike this week that was resolved quickly without any major interruptions. GRASBERG MINE – PAPUA, INDONESIA Negotiations at Freeport-McMoRan appear to be going nowhere as workers continue to strike at one of the world’s largest copper/gold mines. The strike was extended last month to Dec. 15 as nearly 8,000 workers continue to seek higher wages. Grasberg has seen fatal shootings during protests, which led to Freeport-McMoRan declaring force majeure on ore shipments, to cut pipelines and to sagging production. CERRO VERDE MINE – AREQUIPA, PERU Workers returned to their jobs Wednesday after a two-month strike that began on Sept. 29. While a new labor pact was not agreed on by either side, workers were reportedly given guarantees that the regional government of Arequipa will put together a wage pact to end the dispute. Roughly 1,000 workers walked off the job in late September demanding higher wages. Cerro Verde currently produces 2% of the world’s copper. Newmont Mining Corp. have some issues in Peru as well, as members of the community staged protests that nearly escalated to violent protests Wednesday. CONGA MINE – CAJAMARCA, PERU Newmont Mining Corp., along with the Peruvian government, shut down construction at the massive Conga Mine Wednesday. The closure was designed to avoid violent protests from locals fearing that pollution with dust rising and four lakes being displaced will have horrific effects on the environment. Local government officials want the project cancelled while newly-elected President Ollanta Humala finds himself in a tough spot as he is reputed for supporting large businesses. Newmont maintains that environmental studies conducted by the company meet all standards required. There is no date set for when construction will begin again. COLLAHUASI MINE – SANTIAGO, CHILE Anglo American and Xstrata saw workers end their strike Wednesday as workers returned to work. About 10% of the mine’s workforce went on strike in order to challenge the amount of dismissals. The strike began Monday when the company announced they would be cutting 62 positions at the mine. The workers returned under the condition that the reduction be lowered. Of the 62 workers losing their jobs, 32 positions will be reviewed before finalizing the total number of dismissals. --Compiled from media reports and company news releases By Alex Letourneau of Kitco News aletourneau@kitco.com

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