Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Reuters reports unionised Chilean workers at Collahuasi, the world’s third most productive copper mine, halted production on Saturday morning in a strike demanding a wage bonus, but 100% were back at work Sunday after after reaching an agreement with management, the company and union said.
Collahuasi is owned by Switzerland’s Xstrata and Britain-based Anglo American. Reuters reports Collahuasi produced 504,000 tonnes of copper in 2010, when output was hit by a month-long strike. The mine expects to produce 500,000 tonnes of copper this year. It supplies roughly 3% of the world’s copper.
AFP reports in December 2010, workers at Collahuasi went on strike for 33 days seeking higher pay. Weeks later, following an accident at the port the mine uses, activity at the mine ceased until April. Chile is the world’s largest copper producer, with 5.6 million tons annually. More than a million tons a year – or 6.8% of the world production – are produced at the Escondida mine.
Anglo-American has a had a rough week at its copper properties. MINING.com reported on Friday the company was blindsided when the Chilean Finance Minister confirmed state-owned Codelco will exercises a 33-year old buy option on Anglo’s Chile properties. It came barely a week after Anglo American announced that the $2.8 billion they splashed on expanding their flagship Los Bronces mine in Chile will start to bear fruit before year end.
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