Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Copper - analysis -- Ignore unavailable to you. Want to Upgrade?

To: Stephen O who wrote (1508)	11/16/2006 11:26:31 AM
From: Stephen O	Read Replies (1) \| Respond to of 2131

Codelco Union Says Greater Strike Threat at Mine 2006-11-16 09:37 (New York) By Heather Walsh Nov. 16 (Bloomberg) -- Codelco, the world's biggest copper producer, faces a greater chance of a strike at its largest mine after efforts to reach an early wage accord failed, a labor union leader said. The largest workers union at the Chuquicamata mine in northern Chile last night rejected a company offer that included a bonus of 8 million pesos ($15,140), said Hector Roco, a director at the union. Roco said there's a large gap between workers' demands and what the company is willing to spend. ``Workers' expectations are very high,'' he said in a phone interview today from near the mine. Government-owned Codelco has until year-end to reach an agreement with workers to avert a strike. The failure to reach an early accord is a setback to the Santiago-based company's efforts to cut the risk of a strike that disrupts supply. Labor protests in Chile and Mexico reduced production of the metal this year, helping to spur a 64 percent gain in prices. Codelco had sought a settlement before a formal wage negotiation process begins as early as Nov. 17 with the largest union, which represents about 2,680 workers. The company had also offered a wage increase of 3.8 percentage points over inflation. Codelco will begin separate talks tomorrow with two other unions at the mine representing about 3,174 workers, said Armando Silva, a director at the mine's second-largest union, in a phone interview. The mine has about 6,526 workers in total, based on figures provided by its unions. ``Expectations aren't outside of the context of what the company can provide,'' Silva said. ``We can't talk about a strike because we haven't started talks yet.'' Codelco's communications office at its northern division, which includes the Chuquicamata mine, declined to comment on wage negotiations. The division's two mines produced almost half of Codelco's copper in the first nine months of this year. --With reporting by Matthew Walter in Santiago. Editor: Jameson.