UPDATE:Chile Collahuasi Copper Workers On Strike -Union Leader
November 05 2010 - 11:17AM
Dow Jones News
Unionized workers at Chilean copper mine Dona Ines de Collahuasi
went on strike at the start of the first Friday shift, a union
leader said.
Workers were gathering at the union's headquarters in the city
of Iquique, while the buses that bring the morning workers to the
mine were empty, he told Dow Jones Newswires.
A company spokeswoman confirmed that the strike was underway,
but that things at the Collahuasi mining compound were "quiet."
Government-mediated talks ended Thursday at a standstill, with
the 1,551-strong union holding assemblies late Thursday to explain
the company's offer, vote on the strike by a show of hands and go
over plans for marches and rallies, the union leader said on
condition of anonymity.
"The majority of the union members voted for the strike. We'll
be holding a noon march through the streets of Iquique today," he
said.
Collahuasi, one of the largest copper mines in the world, has a
contingency plan in place to ensure production during the
strike.
The spokeswoman declined to provide details of the plan, but
said Collahuasi "sought to minimize the negative impact of the
strike and meet its supply contracts."
When asked how much copper was stockpiled at the mine or how
much time could pass before the company wasn't able to meet its
contracts, she declined to comment.
She noted that contract workers carrying out essential
mining-related duties were still on site.
The mine is owned by diversified mining companies Xstrata PLC
(XTA.LN) and Anglo American PLC (AAUKY, AAL.LN), each with a 44%
stake. A consortium led by Mitsui & Co. (MITSY, 8031.TO) holds
the remaining 12%.
Collahuasi is located in Chile's northernmost First Region. It
is 185 kilometers southeast of the port of Iquique, at 4,400 meters
above sea level high in the Andes.
It produces about 500,000 metric tons of copper a year, or about
10% of Chile's annual output. Chile is the world's leading copper
producer, accounting for about 35% of global output.
-By Carolina Pica, Dow Jones Newswires; 56-2-715-8919;
carolina.pica@dowjones.com
Mitsui (NASDAQ:MITSY)
Historical Stock Chart
From Aug 2024 to Sep 2024
Mitsui (NASDAQ:MITSY)
Historical Stock Chart
From Sep 2023 to Sep 2024