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Teck Resources (TSX:TECK.A,TSX:TECK.B,NYSE:TECK) is operating its Highland Valley copper mine in British Columbia at reduced capacity after United Steelworkers Local 7619 commenced strike action.
The Vancouver-based mining company confirmed the labour disruption on Saturday (October 24), saying the impact on overall production will depend on the strike duration.
“Contingency plans are in place with the priority to maintain safety and environmental management during labour action,” Teck said in a news release.
Workers have been without a collective agreement since their previous five-year contract expired at the end of September.
Tensions intensified last week after all the 944 union members who participated in the strike vote unanimously agreed to authorize a strike, and the union subsequently issued a 72-hour strike notice.
Before the strike began, Teck spokesperson Dale Steeves told Investing News Network that the company remained committed to negotiations.
Steeves said the mine’s priority is to secure a collective agreement, which he described as “fair, responsible and supports the long-term success of our employees, operation, and communities.”
As one of Canada’s major copper-producing mines, the length of the strike will be a key factor in determining its impact on Teck’s copper output.
In an update to members announcing the strike, USW Local 7619’s bargaining committee said it had exhausted efforts to avoid a labour dispute, the committee criticized Teck’s contract proposals, citing record profits and inadequate compensation for workers.
The committee called on all 1,277 members to report to the mine’s main gate, where strike captains were organizing picketing activities.
The union said most benefits would be suspended during the strike, except life insurance and AD&D coverage, which it agreed to reimburse Teck for maintaining. Meanwhile, employees already receiving short-term or long-term disability benefits will continue to receive them.
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Securities Disclosure: I, Aastha Sethi, hold no direct investment interest in any company mentioned in this article.