Codelco loses USD $10 million per day due to strikes

SANTIAGO.- Codelco, the world’s largest copper producer, announced Tuesday that the company is losing more that  $10 million US dollars daily due to the subcontracted-worker strike which has forced the suspension of  production activities at three of the corporation’s mines.

The subcontracted workers, who are seeking the fulfillment of labor agreements, began the strike last week with demonstrations, some of which have been violent. Codelco halted activities at the El Teniente, Andina and Salvador divisions as a safety precaution to protect workers.

“The loss is significant.  The fact that we are not producing with (copper) prices as high as they are brings the amount to more than $10 million USD”, the CEO of Codelco, José Pablo Arellano, told Radio Cooperativa.

For now, Codelco Norte, which is the company’s largest production unit, is operating at normal levels.

The cessation of work activities has so far incurred a cost of over USD $50 million resulting from the decreased copper production.