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

To: Stephen O who wrote (1837)	9/18/2007 11:30:22 AM
From: Stephen O	Respond to of 2131

Southern Copper, Peru Workers Wage Talks Collapse 2007-09-17 17:46 (New York) By Alex Emery Sept. 17 (Bloomberg) -- Workers at Southern Copper Corp.'s operations in Peru will vote this week on whether to strike after failing to reach an agreement on wage increases, a union official said. The vote by workers at the company's Ilo smelter and the Cuajone and Toquepala mines will be held Sept. 19 and 20, smelter union General Secretary Arnaldo Oviedo said today in a phone interview. ``Talks have failed and a strike appears practically inevitable,'' Oviedo said. ``The company has kicked over the chessboard.'' Alberto Giles, a spokesman for Phoenix-based Southern Copper, the world's fifth-largest producer of the metal, declined to comment. Strikes have cut copper output in Peru, Chile and Mexico, helping to spur a 19 percent rally in prices this year. Workers at three of Southern Copper's mines in Mexico have been on strike since July 30, and contract workers at Chile's Codelco, the world's biggest copper producer, ended a five-week walkout on Aug. 1. Copper futures for December delivery rose 2.75 cents, or 0.8 percent, to $3.42 a pound on the Comex division of the New York Mercantile Exchange. Southern Copper fell $1.01, or 0.9 percent, to $109.16 in New York Stock Exchange composite trading. The shares have more than doubled this year. Southern Copper is controlled by Grupo Mexico SAB, Mexico's biggest mining company. --Editor: Stroth (kjo/dje/shf).