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Codelco Federation of Trade unions rejects privatization proposal
Jul 29,2020 08:23CST
Source:Mandarin Finance and Economics
The content below was translated by Tencent automatically for reference.

SMM: workers at (Codelco), a large Chilean state-owned copper company, rejected a proposal by President Sebastian Pinera's (Sebastian Pinera) alliance partner to sell the company to raise funds to deal with COVID-19 's epidemic.

An internal document provided by the far-right Democratic Alliance for Independence ((UDI)) and leaked to the Chilean media recommended privatization as one of a series of measures to raise funds for the treasury.

But the (FTC), a union of copper miners, made up of unions of the world's largest copper miners, is firmly opposed to the measure.

The union said in a statement that it would "shut down Codelco before accepting any privatisation attempt".

Over the years, the debate about the privatization of Codelco has been widely discussed by different groups, but there is no conclusion.

UDI's internal documents emphasize that the company had a market capitalization of about $50.5 billion in 2014. In 1971, the company was nationalized by El Allende (Salvador Allende), the socialist president, and now all profits are owned by the state.

The document said that the privatization of the company will bring considerable income to the country, which can be used for social welfare. In addition privatization can continue to generate revenue for the State through taxation and royalties.

Since the outbreak in March this year, the Chilean government has announced a series of social measures to support low-income people and the working class in Chile. There are about 350000 cases of COVID-19 in Chile, with more than 9000 deaths.

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