CODELCO goes from one strike back to another

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CODELCO goes from one strike back to another

CODELCO, Chile

Codelco is a chilean state-owned company which is considered the world’s largest copper producer. This company announced a contractual agreement with one trade union belonging to its mine named Radomiro Tomic, but is going to star another negotiation process with the other field trade union who declined the contractual offer and should mean a thread of a new strike back.

The agency of analysis and dates Reuters, commented that The Syndicate of Plant Management accepted the new 36-month collective wage agreement which also included a negotiation bonus that is equivalent to 14.500 us dollars for each worker and a 1 % over the inflation wage adjustment. Furthermore, Reuters said that the elections was 89% of the 109 partners.

Meanwhile Radomiro Tomic, the current biggest and most powerful trade union with 744 partners challenged the offer and opened the next legal step of governmental mediation period and this only means one thing: labor strike.

Codelco executive president Nelson Pizarro, appealed for calm and urged to all workers to be patient in the middle of the current cooper prices recovering which also will help to increase the salary aspiration of the unions concerned.

Copper production is really important for Chile's economy at country level

Copper production is really important for Chile’s economy at country level

This contrasts with the situation of the Chile northern neighbor country.  Peru is the second largest copper producer in the world and shows a little more favorable job scene in copper extraction industry.

Codelco’s 2017 figures

There was also a public report by Codelco about last year financial results. The copper company prepared a document showing big profits mainly resulting from the recovering in the red metal prices of and by the second-best production performance in the chilean company history.

In a more technical context, before income taxes and one-off items Codelco results in surplus reached a number six times higher than those shown the year before by the same company, even though the low results in the older fields mineral law.

In the other hand, Codelco surplus agreement with the government was far exceeded and a progress recorded of 1.50% in the production, which results in a closed number of 1,734 billion tons of red metals.

According to Reuters, this previously mention performances in production by Codelco doesn’t include the 49% share in the field call El Abra which is operate by Freeport McMoran and its part in Anglo America Sur, the second mentioned. When added all the united togethers the total production could arise 1.84 million of tons last year.

In the middle of an economic warfare thread by US government, Pizarro made a projection of 3 dollars per pound in the prices cooper by the next year.

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