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Codelco Key Mine in Chile Averts Union Strike

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Copper Advances on Speculation Mine Strike May Cut Into Supply

Nov 24 (Reuters) - Workers at Codelco's No. 3 copper deposit in Chile accepted a new wage offer on Wednesday, averting strike amid a 20-day walkout at the nearby Collahuasi mine that has raised worries over world supply.
The wage agreement at Radomiro Tomic along with an early deal at Antofagasta Plc's (ANTO.L) flagship Los Pelambres mine lowers the risk of immediate labor action in the world's top copper producer beyond Collahuasi.
Most workers at Radomiro Tomic accepted an improved wage offer that the union president Erwin Mascayano described as &quot;very good&quot; without giving immediate details on the financial terms of the proposal.
Radomiro Tomic produced over 300,000 tonnes of copper last year and is one of the state giant's newest operations.
Collahuasi, owned by global miners Anglo America (AAL.L) and Xstrata (XTA.L), is struggling to lure a majority of union workers to abandon a strike over pay with a sweetened wage offer due to expire late on Friday.
Management at Collahuasi, which produces 535,000 tonnes of copper per year or 3.3 percent of the world's copper, extended the offer deadline late on Tuesday after only about 11 percent of the union took the offer.
Wage deals at Radomiro Tomic and Los Pelambres could push more workers at Collahuasi to consider the new offer although its union says workers will stay out until management resumes stalled wage talks.
The next big mining labor contract in Chile is due in June of next year at Codelco's 400,000 tonnes-per-year El Teniente mine.
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SMM Morning Review - 2010/11/25 Aluminum Market

Codelco-Key-Mine-in-Chile-Averts-Union-Strike

Codelco Key Mine in Chile Averts Union Strike | SMM

Codelco Key Mine in Chile Averts Union Strike

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