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January 23, 2008 |
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GRUPO MEXICO: Can't Lay Off Protesting Cananea Workers A court in Mexico has ruled that striking workers at Grupo Mexico SA, de C.V.'s Cananea mine can't be dismissed, the Associated Press reports. According to the AP, protesters can continue working at the mine. As reported in the Troubled Company Reporter-Latin America on Jan. 18, 2008, the Mexican labor board declared that the five- month strike by workers at Cananea was illegal. The strikers had obtained in December 2007 authorization from a Mexican court to continue their protests. The Mexican national mining- metalworkers union STMMRM launched demonstrations against the labor ministry's decision. The AP notes that the court ruling reversed a labor board decision that the protest was illegal and that strikers would lose their jobs. The union had won a temporary injunction against the labor board ruling. However, the labor ministry told Mica Rosenberg at Reuters that the court ruling supported an earlier labor board decision to declare the strike illegal. A Grupo Mexico official explained to Reuters, "The only thing the decision says is that we can't fire the striking workers, and those who want to continue working can. The mine is open and operational." Meanwhile, union spokesperson Carlos Pavon commented to Reuters, "Our lawyers say the court reversed the decision of the labor board and is considering the union's injunction." 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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