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Friday, March 26, 2010

Peruvian Freeport-McMoRan (NYSE:FCX) Workers Striking

Freeport-McMoRan Peru Strike

Freeport-McMoRan (NYSE:FCX) workers communicated to the company that they plan to go on strike at the Sociedad Minera Cerro Verde SAA mine in Peru on March 31.

Union representatives of the workers said the reasons for the strike were to extract a one-time bonus from the profits of the company.

Director of communications at Freeport, Eric Kinneberg, stated:

"Cerro Verde has paid the legal profit sharing in accordance with Peruvian law and has compensated our employees." It was also in accordance with the existing collective bargaining agreement, said Kinneberg.

Assuming this is true, and it seems like it is, other than attempting to break the agreement by the union and extort more money from them, this is a bad move by the Peru union.

These area easily verifiable if they are facts, and to attempt to force more money out of the company is illegal and unethical, but unions around the world don't mind breaking the law and ethics in order to attain more money, as they are almost all socialist organizations now, and think they have a right to take whatever they want from those they work for.

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