Capstone Copper Halts Operations at Chile's Mantoverde Mine Amid Labor Strike; Shares Tumble 4%

MT Newswires Live
01/23

Capstone Copper (ASX:CSC) partially halted operations at its Chile-based Mantoverde mine as it grapples with water supply disruptions amid a union strike that started earlier this year, according to a Friday filing with the Australian bourse.

The Americas-focused copper miner said union members are curbing access to, and the restart of, facility operations at the desalination plant.

The company has temporarily paused sulfide operations, per the filing. Oxide operations are expected to continue until Saturday but may cease unless the water supply is restored.

Union #2, which represents about 22% of the total workforce, started the strike on Jan. 2 after failing to reach a bargaining agreement.

Capstone Copper is seeking judicial support to reclaim access to the plant and water supply in order to resume operations.

The company's shares tumbled almost 4% in recent Friday trade.

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