Codelco Inks Early Wage Deal at Gaby Copper MIne

- February 16th, 2011

Codelco

Reuters reports that Chile’s Codelco, the world’s top copper miner, has signed an early wage deal with workers at its Gaby copper mine.

The market news is quoted as saying:

Gaby workers union leader Emilio Paez said the state-run miner agreed to raise wages by 4 percent and give out bonuses and loans worth more than $21,000 per worker in the new 44-month contract.

The agreement allays immediate fears of disruption to world supply, which is already seen strained this year as demand remains strong in top consumer China and mined copper output lags.

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