What is financial impact of Codelco protest?
Chilean state copper producer Codelco estimates the subcontracted worker protest that began on July 21 has caused US$15mn in losses so far.
The protest, which has resulted in the suspension of operations at Codelco's Salvador mine, and the partial suspension of one of the productive processes at its Ministro Hales mine, entered its 17th day on Thursday.
At Salvador, which suspended operations on July 23, Codelco is facing US$500,000 in losses a day, while at Ministro Hales daily losses reach US$400,000 after a conveyor belt was cut on Tuesday. Some 70t of copper production a day is being lost at Ministro Hales, its newest mine.
The company has also reported US$3mn in damage to equipment at its Gabriela Mistral mine, and damage at its Chuquicamata and Andina mines.
Workers are demanding Codelco enter negotiations to overhaul the framework agreement it originally signed in 2007, which has been renewed every two years since.
Codelco has said it cannot enter into parallel negotiations with subcontracted workers, citing copper market conditions and the state of the local economy, and has said that its labor costs could soar to US$1bn in the long term if it were to agree to workers' demands.
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