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April 25, 2008

Strike, talks continue at Chile miner Codelco

The strike at Codelco`s Salvador and Adina continues for an eighth day while talks proceed

A strike paralyzed operations at two copper divisions owned by Chile`s Codelco for an eighth day on April 22, but the mine`s minister said the sides were progressing toward a deal to end at times violent protests.

Codelco is over a week into a strike by subcontractors that is costing it about US$10 million a day in lost production and which has affected three divisions at the world`s largest copper miner.

Operations at Andina and Salvador divisions, with combined output of nearly 300,000t of copper per year, have been down since April 16.

At Teniente, the world`s largest underground copper mine, Codelco saw operations interrupted until earlier this week but shifts were working normally on April 22.

Copper prices from London to New York have touched record highs as nervous markets watch the strike at Codelco, where subcontracted workers are demanding improved salaries and benefits in line with those of full-time, unionized employees.

"Codelco is making every effort, so we think this problem can be resolved briefly," Chile Mine Minister Santiago Gonzalez told journalists.

As part of the negotiations, subcontract companies are to advance workers 250,000 pesos (US$562) of a 500,000 peso bonus originally meant to be paid by the end of the year, the minister said.

"Things are evolving positively," said Gonzalez, adding that negotiations resulted in deals with three of four subcontractor unions at the Teniente division.

Sources close to the negotiations told Reuters on April 22 that the government had put pressure on Codelco to reach a quick resolution to the conflict, that has also turned violent.

Subcontractors from the Confederation of Copper Workers have indicated this week that an end could be near. Andina produced 218,000t of copper in 2007.

Salvador produced 64,000t of copper last year, and lies 685 miles (1,100km) north of Santiago. Teniente is located 50 miles (80 km) south of Santiago.

It produced 405,000t of copper last year. Codelco`s Norte and Ventanas divisions have been running normally.

The Confederation of Copper Workers demands that Codelco fulfill agreements reached in July 2007 that ended a long, occasionally violent strike for improved benefits and pay.

There are 17,000 permanent Codelco mining staff. Workers also want the company to absorb 5,000 subcontract workers into its full-time ranks.

Codelco is the world`s largest copper producer with an annual output of about 1.7Mt.

(Reuters, April 23)

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