Port strike ‘means the postponement of sales and incomes’ – Codelco

Chilean copper major Codelco told Metal Bulletin that it remains confident its earnings will be largely unaffected by the current strikes at ports in the north and central coastal regions of the country.

At the end of December, local media reports estimated that the copper major had lost $130 million in earnings due to the strike, which is now in its third week.

However, Codelco stressed that the recent industrial action posed little threat to its profit margins.

“The strike at Angamos only means the postponement of sales and incomes,” a source at the mining company said. “This mildly affects our results for 2013, but will improve [our results for] 2014.”

Workers at ports in Angamos, in the Chilean mining region of Antofagasta began striking over pay on December 23.

Since then, the stevedores from at least other six ports in the country have joined the stoppage, according to local newspaper Diario Financiero.

The port strikes are not the only setback the copper producer has endured of late. Workers at its Chuquicamata smelter went on a three-week strike in early December over payment conditions.

Carolina Guerra

cguerra@metalbulletin.com

Twitter: #!/cguerra_mb