Posted in -- C.S.A. -- Perspectives & Analysis by Benito, and Peru, China, China, Commodities, Commodity, Finance / Investments, Industry Headlines, Iron Ore, Latam, Peru, South America, tagged China, china-peru, china-peru fta, chinese investment in peru, chinese miner shougang, chinese owners, Commodities, csa, earnings, Iron Ore, julio ortiz, Metals, mining, Peru, shougang, strike, workers on October 13, 2009|
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Progress is being made down in Peru between Chinese miner Shougang Hierro and the workers who have been protesting for weeks now against unfair wages and treatment by their Chinese owners. Nothing new… for the record, there are few international companies which invest in the Peruvian mining industry and thereafter roll out the red carpet for their workers. It’s mining, not investment banking…
The 1200 striking workers have begin working again according to manager Julio Ortiz, who said they returned to work because the company said it would commit to some of the workers demands.
Currently workers earn a salary of 1,770 ($614) Peruvian soles a month and the company has released a statement saying Shougang is willing to raise the daily salary by 5.50, or 165 soles a month—bringing the new total to 1935 soles ($677).
According to this Reuters article (in Spanish), Shougang earned a solid 417 million soles last year ($144.7 million dollars), a increase over the year before of 50%.
All in all, it seems Shougang won this battle… CSA will continue to bring you updates on this matter in the weeks to come.
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