Advertisement
Contemporary society
Thursday, July 7, 2022
No Result
View All Result
  • Latest news
  • Finances
  • Fashion
  • Opinion
  • Culture
  • Food
  • Commodities
  • Op-ed
  • Contact us
  • Latest news
  • Finances
  • Fashion
  • Opinion
  • Culture
  • Food
  • Commodities
  • Op-ed
  • Contact us
No Result
View All Result
Contemporary Society
No Result
View All Result
Home Commodities

Global Copper Supply at Risk As Workers Vote to Strike By Bloomberg

Contemporary Society by Contemporary Society
August 2, 2021
in Commodities
0
Global Copper Supply at Risk As Workers Vote to Strike

© Reuters.

(Bloomberg) — A tightening global market is facing the real possibility of simultaneous strike disruptions at three mines in Chile, the biggest producer of the metal.

By far the most serious threat to global supplies comes from Escondida, the biggest copper mine in the world, where workers rejected owner BHP Group’s final wage offer in voting last week. Unless the two sides can reach a deal in government-mediated talks this week, the market may be left without production from a project that last year churned out 1.2 million metric tons.

Two other smaller mines — Codelco’s Andina and JX Nippon Mining & Metals’ Caserones — are in the same situation as a country that accounts for more than a quarter of global copper navigates a slew of collective bargaining at a particularly sensitive time in the metals cycle and in Chilean politics.

The labor tensions are intensifying just as trillions of dollars in government stimulus fuel demand for industrial metals. Copper futures have gained about 4% in the past two weeks after retreating from all-time highs in May.

The ensuing windfall for producers is emboldening mine workers, with host nations looking at ratcheting up taxes to help resolve economic inequalities exacerbated by the pandemic. In Chile, that’s all playing out as the nation drafts a new constitution that may lead to tougher rules surrounding water, glaciers, mineral and community rights, with presidential elections in November.

At the same time, mining companies are striving to keep their labor costs in check in a cyclical business and as ore quality deteriorates and prices of inputs start to rise.

In last week’s vote, members rejected BHP’s proposal by an overwhelming 99.5%. Union leaders say the company is dangling large one-time bonuses in exchange for longer hours and new demands in a bid to boost productivity and profit. BHP said its proposal included better conditions and new benefits and that it remains open to dialog.

“We hope that this strong vote will be the decisive wake-up call for BHP to initiate substantive discussions to reach satisfactory agreements, if it wants to avoid a lengthy conflict that could be the costliest in the country’s union history,” the union said.

©2021 Bloomberg L.P.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related Posts

Peru socialist Castillo confirmed president after lengthy battle over results By Reuters

LME nickel slides as technical glitches hit trading again By Reuters

March 17, 2022
Oil surges after IEA warns of shortfall in supply By Reuters

Oil surges after IEA warns of shortfall in supply By Reuters

March 17, 2022

Harbour Energy’s post-merger cashflow rises to $678 million By Reuters

March 17, 2022

Oil Edges Higher After Three-Day Slide as Volatility Continues By Bloomberg

March 17, 2022

Europe seeks breakthrough on climate change plans amid energy crisis By Reuters

March 17, 2022

UK says Johnson agreed with Saudi Arabia to work on stable energy markets By Reuters

March 16, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest News

Beacons of hope for education in the Indian wilderness
Opinion

Beacons of hope for education in the Indian wilderness

July 6, 2022
Dangers of distancing demand more than ephemeral vigilance
Opinion

Dangers of distancing demand more than ephemeral vigilance

July 6, 2022
The twisted drama of a shaky government in London
Opinion

The twisted drama of a shaky government in London

July 6, 2022
A helping RBI hand
Opinion

A helping RBI hand

July 6, 2022
  • Copyright
  • Privacy Policy
No Result
View All Result
  • Latest news
  • Finances
  • Fashion
  • Opinion
  • Culture
  • Food
  • Commodities
  • Op-ed
  • Contact us

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT