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.
For the second time this year workers have downed tools at one of the world’s largest copper and gold mines.
The Sydney Morning Herald is reporting thousands of workers at Freeport-McMoran’s gold and copper mine in eastern Indonesia have begun a month-long strike over a wage dispute:
Union spokesman Juli Parorongan said roughly 90 per cent of the Papua mine’s 12,000 workers were taking part in the action, which began on Thursday.
They are seeking pay rises from $US2.10 ($A2.05) to $US3.50 ($A3.40) an hour to globally competitive levels of $17.50 to $43, he said.
Bloomberg reports Freeport and Grasberg mine’s labor union ended talks over 2011-2013 contract terms on Aug. 26 after failing to reach an agreement on wage increases. The two sides started negotiations on July 20 after about 8,000 workers put down tools for eight days to July 11, disrupting production and helping to drive up copper prices.
