![]() Among the 30,000 miners on strike are workers for Phoenix-based Southern Copper Corp., a subsidiary of Grupo Mexico, which is also the formal parent company of Tucson-based Asarco LLC. Photo courtesy of Southern Copper Corp.
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Jorgensen Brooks Group Counselor Trades/Construction RANCHO RESORT MAINTANANCE POSITION Mechanical Komatsu Equipment Co Resident Field Mechanic Sales and Marketing Everready Glass Sales Reps Administrative & Professional Tucson Urban League CEO/President Finance and Accounting Charles E. Gillman Company Accounting Specialist BusinessPeru strike drives up copper pricesStaff and wire report
Tucson, Arizona | Published: 07.01.2008
About 30,000 miners have gone on strike at many of Peru's biggest mines to demand a greater share of rising metals income, the country's largest mining union said today.
Among those on strike are workers for Phoenix-based Southern Copper Corp., a subsidiary of Grupo Mexico, which is also the formal parent company of Tucson-based Asarco LLC.
More than half of the country's 67 mining unions are participating in the indefinite work stoppage, which entered its second day today, said Luis Castillo, chief of the National Federation of Mining, Metallurgy and Steel Workers.
On Monday, Mexico's largest mining union also approved a one-hour walkout for this week.
As the strike gained steam, the price of copper rose for a fourth session in New York on concern that the labor unrest will threaten supplies of the metal used in pipes and wires.
"Copper prices continue to strengthen, supported by recent supply problems," analysts at Barclays Capital wrote in a report today.
The price of copper futures reached $3.9245 per pound during trading today, the highest since May 6.
Fears of volatility in the Latin America copper industry, along with climbing prices has prompted more exploration in the Arizona-Sonora region.
Currently, 60 percent of copper consumed in the U.S. is imported and 40 percent produced here, according to the U.S. Geological Survey. The region of Arizona, New Mexico and Sonora is the world's second-richest source of copper after Chile, according to geologists.
Peruvian miners are demanding that Peru's congress pass a bill to eliminate caps that limit mining companies from sharing more that 8 percent of their earnings with miners. Miners' salaries now vary widely.
Contains information from the Associated Press and Bloomberg News
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