Chile Collahuasi Strike Enters Day 22; Shipment Loaded For China
November 26 2010 - 8:49AM
Dow Jones News
With the strike at Chilean copper mine Dona Ines de Collahuasi
entering its 22nd day, the company is loading a shipment of 10,000
dry metric tons of copper bound for China, a company spokeswoman
said.
Despite the strike, production at the mine, one of the largest
in the world, has remained normal because of a contingency plan the
company has in place
"The shipment of around 10,000 dry [metric] tons is being loaded
and it's headed for China," Collahuasi spokeswoman Bernardita
Fernandez told Dow Jones Newswires.
Since the strike started on Nov. 5, Collahuasi has sent out two
shipments of copper, one bound for Japan and the other for
Europe.
Collahuasi already hired 100 workers earlier this week and is
looking to hire 200 more to maintain production at the mine, she
added.
With the deadline to accept the company's sweetened offer set to
expire at midnight, 220 workers of the 1,551 unionized strikers
have broken away from the industrial action and accepted the offer.
The company is offering workers a wage increase, improved benefits
and a contract signing bonus of around $29,000 per worker.
After midnight that signing bonus will be reduced to around
$25,000 per worker, Fernandez added.
Diversified mining companies Xstrata PLC (XTA.LN) and Anglo
American PLC (AAUKY, AAL.LN) each hold a 44% stake in Collahuasi,
while a consortium led by Mitsui & Co. (MITSY, 8031.TO) holds
the remaining 12%.
Collahuasi, one of the world's largest copper mines, is located
185 kilometers southeast of the port of Iquique, high in the Andes
mountains at 4,400 meters above sea level. 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 Anthony Esposito, Dow Jones Newswires; 56-2-715-8929;
anthony.esposito@dowjones.com
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