No Strike at Sherritt International’s Ambatovy Just Yet

Reuters reported that the two main trade unions at Sherritt International Corp.’s (TSX:S) Madagascar-based Ambatovy mine will not call for a new strike, at least for now.

As quoted in the market news:

Workers at Ambatovy mine, 80 km east of the capital, went on strike earlier this year. But Sherritt still achieved its target production rate ahead of schedule and in April reported an 11% rise in quarterly revenue.

The firm said on June 3 that about 1 100 Ambatovy employees and contractors had their employment contracts suspended or had been demobilised, reducing overall project headcount by about 12% as part of an effort to deal with low metal prices.

‘For now, we prefer dialogue. We are not undertaking the strike route yet. We are trying to calm people,’ said Richard Rakotovao, head of the legal and litigation department at the Svs Union, one of the main unions at the Ambatovy mine.

Click here to read the full Reuters report.