BHP- escondido, Chile copper strike... My understanding is that the company is offering a $16,000 bonus plus a wage hike of 3% over inflation. The workers want a $30,000 bonus plus a 13% wage hike over inflation.
I think I read somewhere that average wages for the union mine workers are already at $30K per year, so basically they want them more than doubled. I understand that the workers want a piece of the pie but I am also wondering as to what average worker wages are in Chile compared to US and Canada? My guess is that they are a small fraction. It also seems to me that offering a bonus tied to metal prices would be appropriate here.
Makes me also wonder how many of our mining stocks might have new contracts to be negotiated with union workers coming up soon. EZM, BWR, HBM, NXG, TGB etc....
