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January 17, 2008 |
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GRUPO MEXICO: Union Launching Nationwide Strike The Mexican national mining-metalworkers union STMMRM told Business News Americas that it will launch a nationwide strike to protest the labor ministry's declaration that the union's five-month strike at Grupo Mexico's Cananea copper mine is illegal. As reported in the Troubled Company Reporter-Latin America on Jan. 15, 2008, the Mexican labor board declared that the five- month strike by workers of Grupo Mexico SAB's Cananea copper mine was illegal despite obtaining in December 2007 authorization from a Mexican court to continue their protests. The order excludes strikes at Grupo Mexico's San Martin zinc mine and Taxco silver mine. BNamericas relates that the union urged its members to march in protest to the labor ministry's office in Mexico City on Jan. 22. Grupo Mexico representatives told BNamericas that enough workers had returned to their jobs. Meanwhile, a ruling on the strikes at Grupo Mexico's San Martin and Taxco mines would be made by the end of January 2007, BNamericas states. Grupo Mexico SA de C.V. -- http://www.grupomexico.com/ -- through its ownership of Asarco and the Southern Peru Copper Company, Grupo Mexico is the world's third largest copper producer, fourth largest silver producer and fifth largest producer of zinc and molybdenum. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 29, 2006, Fitch upgraded the local and foreign currency Issuer Default Rating assigned to Grupo Mexico, S.A. de C. V. to 'BB+' from 'BB'. Fitch said the rating outlook is stable. |
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