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

To: stonecrop who wrote (2013)	8/21/2009 11:39:20 AM
From: Stephen O	Respond to of 2131

Mine workers at Chile's Spence copper mine said on Thursday they demanded a wage hike of owner BHP Billiton, marking the start of collective contract negotiations that could prove tough as the red metal's prices recover. The 560-worker union wants a 5.5% wage hike for the duration of a two-year contract along with an annual bonus tied to copper prices and health benefits, said a union boss. The official proposal to the company was delivered late on Wednesday. "We will strike if no deal is reached with the company," union president Andres Ramirez told Reuters. "The company has to share its wealth with workers." Spence produced around 164,761 tonnes of copper cathodes in 2008, according to company data. Billiton has 15 days to respond to the proposal before both side sit down for talks on the collective deal that expires on Sept. 30, Ramirez said. A company spokeswoman in Santiago declined to comment on the proposal. A recovery in prices after copper tumbled from record highs last year is likely to embolden Chilean mine workers demands for higher wages and more benefits, analysts and union leaders said. Collective contracts for workers at Billiton's Escondida, the world's biggest copper mine, are due in December as well as deals at the massive state-miner Codelco's Norte division. Both mines amount to around 40% of the total copper output of Chile, the world's top copper producer. Some analysts say the Spence collective negotiations could set the framework for the other two mines. (Reporting by Alonso Soto; Editing by Christian Wiessner) © Thomson Reuters 2009 All rights reserved would cause a signficant increase in copper price if they strike. Copper currently $2.84/lb