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Copper Miners Nervously Awaiting New Chilean Labour Bill
Dec. 23, 2014 08:27AM PST
Base Metals Investing Reuters reported that the Chilean government is set to deliver a new labor bill to congress this month. Details of the bill have not been released, but the government has said it wants to strengthen unions, which could raise labour costs for miners such as BHP (NYSE:BHP) Anglo American (LSE:AAL) and state run Codelco.
Reuters reported that the Chilean government is set to deliver a new labor bill to congress this month. Details of the bill have not been released, but the government has said it wants to strengthen unions, which could raise labour costs for miners such as BHP (NYSE:BHP) Anglo American (LSE:AAL) and state run Codelco. Chile is the world’s number one copper producer.
As quoted in the publication:
The labor reform is part of a battery of measures aimed at reducing Chile’s gaping wealth gap, and Bachelet faces a tricky balancing act as mining accounts for half of Chile’s exports.
The government has said reforms will be implemented gradually and industry’s concerns will be fairly evaluated. Still, executives and industry groups are concerned.
