World's Largest Copper Producer On Strike
Eva Vergara, AP
SANTIAGO, Chile (AP) — The world's largest copper producer is shut down in a 24-hour strike that has the potential to cause severe losses for Chile's state mining company.
Codelco says it could lose $41 million from today's strike, which comes on the 40th anniversary of Chile's decision to nationalize its mining industry.
Codelco is under increasing pressure to modernize and develop new resources. Chile's President Sebastian Pinera has put in new management that wants to cut 2,600 jobs, reduce health benefits and attract private investment. Leftists are supporting the workers, fearing a privatization that could send Chile's key copper revenues overseas.