Workers at two mines owned by Chile’s Codelco company, the world’s biggest copper mining concern, went on strike on Monday demanding higher pay and better work benefits.
Miners at the Chuquicamata and Mina Sur mines, which together account for 4 percent of the world’s copper production, are calling for a 7.5 percent pay hike as copper prices hit a 17-month peak at more than US$7,500 per tonne.
Analysts said copper prices were sent higher by the strike, amid fears that market supply of the commodity will become tighter.
Both mines belong to Codelco, the state-owned National Copper Corporation of Chile, which produces about 1.6 million tonnes of copper per year and employs about 5,600 workers.
About a third of the unionized miners failed to show up when their shifts began at 5am on Monday.
Union leaders said 95 percent of the work force at the two mines joined the strike.
“From the start of the day, we’ve been monitoring the general situation and it is peaceful,” Codelco human resources chief Humberto Fernandois told reporters.
Codelco said it had contingency plans to cope with the strike, but offered no details. The company later made a new offer to workers, raising its proposed wage hike from 3.8 percent to 4 percent and increasing a bonus payment in a bid to end the strike.
Union leader Hernan Guerrero said the offer would be discussed at an emergency meeting of the rank and file, who would vote on it yesterday.
The government regretted the strike action in one of the treasury’s biggest revenue-generating sectors.
“We did everything possible to avoid it, but it could not be done. This is not good for the country,” Chilean President Michelle Bachelet said as the strike got under way.
The miners’ demands for more concessions come as the price of copper, which fell significantly during the global economic crisis, has jumped in recent months amid renewed demand from China, the world’s biggest copper consumer.
Copper prices have rocketed by more than 130 percent since early last year, driven by signs of global economic recovery after the steep worldwide downturn.
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