Chile port strikes stall 20,000 t of copper from Codelco
Codelco CEO Thomas Keller says the ongoing port strikes in Chile have delayed export of around 20,000 tonnes of copper.
mineweb.com
Author: Anthony Esposito (Reuters)
Posted: Monday , 13 Jan 2014
EL TENIENTE MINE (Reuters) -
Ongoing port strikes in Chile have delayed shipment of around 20,000 tonnes of copper from state-run Codelco, Chief Executive Officer Thomas Keller said on Friday.
"We're being affected, obviously," Keller said of the strike which has spread through export-dependent Chile.
"When our shipments are delayed, that implies a negative effect on our generation of cash," he added during a visit to the central El Teniente mine.
Still, the world's No. 1 copper producer has not had to buy copper to meet contracts as these allow for flexibility, he noted.
Codelco said on Tuesday the work stoppages had sliced $130 million from its December income.
The strike kicked off at the northern port of Angamos last month over temporary workers' rights and then spiraled as other port unions joined the movement in solidarity, adding their own demands to the mix.
Much of Chile's copper, which accounts for roughly a third of global supply, is shipped from the country's Pacific Ocean ports, with much headed to top client China.
It was unclear exactly which ports were operating on Friday.
According to the Labor Ministry, some workers in the southern ports returned to work on Thursday.
But the copper-exporting ports of Antofagasta and Iquique and the fruit-shipping port of San Antonio remain on strike, according to reports. (Reporting by Anthony Esposito, writing by Alexandra Ulmer; editing by Sophie Hares, G Crosse) |
