SHFE Tin Ends Down RMB 720/mt (Aug. 14, 2015)

Luis Redlich, president of the Centinela District union at Antofagasta Minerals’ Centinela copper mine, said the union will vote on the company’s wage proposal next week. He described negotiations as having reached an impasse and expects members to reject the offer, which would initiate the strike process. Redlich acknowledged that workers’ demands were high but said he believed an agreement could still be reached through government mediation. Centinela produced approximately 174,300mt of copper in concentrate last year. Antofagasta had previously planned to invest $3.7 billion to expand the mine, but is reassessing the project following Chile’s increase in mining taxes. Under Chilean law, if the offer is rejected, the parties must enter a five-day government mediation process, which can be extended by another five days, before a legal strike can take place. Any production stoppage at Centinela would weaken Antofagasta’s ability to meet its second-half output targets, while its full-year copper production guidance of 650,000–700,000 tonnes is already under pressure.

Con la proximidad de las vacaciones del Día Nacional, SMM encuestó los planes de producción de 10 empresas grandes, medianas y pequeñas de placas, láminas y flejes de cobre, con una capacidad anual combinada de 1,24 millones de toneladas. Los arreglos específicos para las vacaciones son los siguientes: