Posted on 08/01/2021 12:31:48 PM PDT by dynachrome
The union representing workers at Chile’s La Escondida copper mine said its members voted to reject the most recent contract offer from the mine’s owner and go on strike, potentially risking disruptions to the supply of a key metal as the world’s economy continues to recover from the impact of the coronavirus pandemic.
BHP Group Ltd. -controlled Minera Escondida, located in Chile’s northern Atacama Desert, is the world’s largest copper mine, producing almost 5% of the world’s supply of the metal, which is used to make electrical wiring and motors and in construction, among many other applications.
By law, the miners must continue to work during a period of obligatory mediation by the government for a period of up to 10 days, so a strike isn’t a done deal, according to some analysts. Voting to authorize a strike is often seen across industries as a negotiating tactic.
“Any significant impact on the market and thus prices will depend on whether there is a walkout in 10 days or not,” said Eleni Joannides, an analyst at Wood Mackenzie, a commodities consulting firm, ahead of the vote. Although, “at current prices, Escondida negotiations appear to be built into the market.”
Still, when Escondida workers walked off the job in 2017, they didn’t return for 44 days.
(Excerpt) Read more at wsj.com ...
meanwhile the socialists are screaming ‘Defund the Coppers”
Francisco d’Anconia, white courtesy telephone, please
I wish we’d do more copper mining here in Arizona ... the Copper State.
ISWYDT
Hopefully the price will rise enough for my kids to come over and get their two buckets full of pre 1983 pennies that have been taking up closet space for years.
I knew there was a reason to putting all those pennies in a jar. Take that, Bitcoin.
I remember years ago hearing some talk of reactivating the mine at Ajo; anything ever come of that?
Unions tend to strike when demand is strong for their product.
Copper has gone up in price, I haven’t been keeping track lately, but I bought rolls of copper coins at $0.99 an ounce- not legal tender, but privately minted at .999 purity. I see they are now going for $1.99 an ounce.
Should get some more.
For the record, I am NOT a dealer, I just buy a few when I can and put them away.
I’ll guess why it’s not happening so much...
National Environmental Policy Act (NEPA)
Clean Air Act (CAA)
Resource Conservation and Recovery Act (RCRA)
Clean Water Act (CWA)
Toxic Substances Control Act (TSCA)
Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)
Am I close?
They also strike, and make outrageous demands, when they know they face a toothless, cowardly, incompetent and fractured government. Sebastián Piñera has been a disaster. They know he'll back down to anything and everything.
The man has squandered the legacy of the military government and is turning Chile into another Argentina.
I was about to post the same thing !
Great minds, and all that jazz. Lol
ping
In Arizona Rosemont Copper for years has been blocked by state and local environmentalists from opening a new and very rich mine in Pima County. The United States is not an investment friendly country despite what Trump tried to change.
Only three posts.
FReepers rock.
5.56mm
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