Chile's state copper workers strike nationwide |
| Forbes - Jul 11, 2011 |
The world's largest copper producer was shut down Monday in a 24-hour strike that is driving up prices on global markets and costing millions in losses for Chile's state-owned mining company.
Codelco said it could lose $41 million from the company-wide strike, which came on the 40th anniversary of Chile's nationalization of the mining industry, a move by socialist President Salvador Allende that was so popular that even his nemesis Gen. Augusto Pinochet didn't dare undo it after seizing power in 1973.
The strike is adding to a tightening of world copper supplies. Together with an earlier strike in Chile and a strike at a large copper mine in Papua, New Guinea, it could cause a shortfall of more than 600,000 tons, driving December copper prices above $5 a pound, according to an estimate by metals analyst Shayne Heffernan of Heffernan Capital Management.
Read Full Article from Forbes
- Posted: 2011-07-11 13:14:19
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