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

To: LoneClone who wrote (1558)	1/15/2007 12:04:54 PM
From: Stephen O	Respond to of 2131

This may very well be a strike, asking for more than others got in Chile recently. Codelco Union at Chilean Copper Mine Requests Raises, Bonuses 2007-01-15 10:08 (New York) By Heather Walsh Jan. 15 (Bloomberg) -- A union at Codelco, the world's biggest copper producer, asked for higher salaries and bonuses for workers at a Chilean mine to reflect a rally in prices since its last negotiations three years ago. The union representing 530 workers at Chuquicamata, Codelco's largest mine, today told management it wants a wage increase of 3.8 percentage points above inflation and bonuses of 9 million pesos ($16,650) each, said Juan Legua, a director of the Mining Union. Annual inflation was 2.6 percent in December. ``It's not unrealistic,'' Legua said in a phone interview. ``Copper prices are still high.'' The two sides are seeking to avert a strike before their current contract expires Feb. 28. Walk-outs and accidents last year in Chile, the world's biggest copper supplier, fueled a 41 percent jump in copper prices in 2006. State-owned Codelco last year reached new wage deals with most of its unions at the mine. A Mining Union strike could hurt output because many of the workers drive trucks and manage crushing equipment at the mine, Legua said from the Chilean city of Calama near the mine. Face-to-face negotiations between the company and the union will begin after Codelco makes its wage proposal in the next 15 days, Legua said. --Editor: Brice.