Saturday August 05, 2006

World's largest copper mine faces strike threat

channelnewsasia.com :

Workers at the world's biggest copper mine in Chile threatened to go on strike next week after the collapse of salary negotiations. The work stoppage at Minera Escondida, which is controlled by Anglo-Australian mining giant BHP Billiton, will start Monday if management fails to make a new offer to the miners, said the union representing 2,000 workers.

In its last offer Wednesday, the company proposed a 3% salary increase and a 15,000 dollar bonus to each miner, but the union rejected it as an "insult." The miners are asking for a 13% salary increase and a 30,000 dollar bonus, as the price of copper has nearly quadrupled over the last three years. Mina Escondida, located in the Atacama desert in northern Chile, produces 8% of the world's copper.

- Guess what this will do to the copper price?

(2006-08-05 19:32:23 SGT) [Biz] Permalink

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