Copper Mine closure in Latin America..

Mexico OKs request to close copper mine:- Mexican labour authorities approved Grupo Mexico SA's request to close the La Caridad copper mine and cancel the collective contract after a three-month strike, a company official said Friday. Juan Rebolledo, vice president for international affairs for Grupo Mexico, said the labor arbitration board approved the closure of the mine in northwestern Sonora state, and that the company can now cancel the contract which involves at least 1,200 unionized workers. About 700 nonunion staff and 800 contract workers also will be affected, although the company can later reopen the mine with other workers once the facilities are restored to its control, Rebolledo said. Union workers at La Caridad went on strike March 24 and have refused to negotiate unless the government recognizes Napoleon Gomez Urrutia as the leader of the 250,000-member National Mining and Metal Workers Union. The government has so far rejected union notifications ratifying Gomez Urrutia, who has been accused of misappropriating US$55 million (euro43.4 million) in union funds. Fallout: This will have a positve effect on the Copper Counters .... Courtsey: Inputs from the Internet. Best wishes, Suman Mukherjee India. http://finance.groups.yahoo.com/group/SumanSpeaks/