• 5 minutes Trump will capitulate on the trade war
  • 7 minutes China 2019 - Orwell was 35 years out
  • 12 minutes Glory to Hong Kong
  • 15 minutes ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 3 hours Is Eating Meat Worse Than Burning Oil?
  • 26 mins Diplomatic immunity
  • 19 mins China & Coal: China's 2019 coal imports set to rise more than 10%: analysts
  • 7 hours Canada Election Deadlock?
  • 49 mins ‘If it saves a life’: Power cut to 1.5 million Californians
  • 8 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 23 hours Devaluing the Yuan
  • 12 hours Russia Predicts The Death Of U.S. Shale
  • 16 hours Nigeria Demands $62B from Oil Majors
  • 7 hours AOC vs Wells Fargo CEO on Dakota Access
  • 1 day Fareed Zakaria: Canary in the Coal Mine (U.S. Dollar Hegemony)
  • 12 hours IMO 2020:
  • 16 hours The Ultimate Heresy: Technology Can't Fix What's Broken
Alt Text

Vanadium Spikes On New Chinese Regulations

A new regulatory measure in…

Alt Text

Are We Really Facing A Battery Metal Shortage?

Electric car builder Tesla foresees…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Premium Content

Upcoming Labor Negotiations Might Boost Copper, Platinum Prices

The world’s #1 producing nations for platinum and copper are facing a common problem this week. And latest developments suggest this issue could be a potentially explosive one.

The challenge is labor negotiations in the mining sector. With both the world’s top platinum miner South Africa, and top copper producer Chile facing tough talks with strong local unions.

South Africa’s powerful platinum mining group Association of Mineworkers and Construction Union (AMCU) said last week it is beginning internal meetings as of last Thursday. To decide on pay demands the union will put to platinum mining companies during upcoming wage talks. Related: Key Pipeline Could Unleash Alberta’s Oil Sands

The AMCU demands will be critical for South Africa’s platinum sector. With the union being the largest in the industry — serving major miners including Anglo American Platinum, Lonmin, and Impala.

The union is meeting now because its current two-year pay agreement with those companies expires at the end of June. Which means the next several weeks are likely to see some intense negotiations — especially given that the last round of wage talks in 2014 ended in a 5-month strike that crippled South Africa’s platinum sector.

At the same time, Chile’s copper sector is facing a similar issue. With the country’s national mining body Sociedad Nacional de Minería (Sonami) noting that over half of the country’s largest miners are facing labor negotiations soon. Related: Is OPEC A U.S. National Security Threat?

Sonami’s president Alberto Salas said at a recent industry event that over 50 percent of Chile’s largest miners are due for wage talks over the next 12 months.

That includes the world’s largest copper miner, Codelco — which faces negotiations with 9 different unions across its various operations. Anglo American also has talks upcoming with 4 unions, while miners like Antofagasta, Kinross, BHP Billiton and Glencore all have separate labor negotiations scheduled.

Most of these companies have indicated that wage offers are likely to be restrained — given the current lower copper price. Watch for the reaction of the unions to these offers, and for any signs of brewing unrest that could impact production in both of these critical countries.

Here’s to talking it out,

By Dave Forest

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play