Marcelo Awad (for it is he)Check out this report on Bloomie today that has Marcelo Awad, mining manager of London quoted Chilean copper play Antofagasta (ANTO.L), lamenting the fact that workers in Chile's mines are actually getting a decent pay rise. Excerpts:
Workers at Escondida, the Chilean mine controlled by BHP Billiton Ltd., accepted a wage increase of 5 percent a year plus bonuses, the mine’s labor union said Oct. 13. The workers were offered a one-time bonus of 14 million pesos ($26,000), Santiago-based newspaper La Tercera said Oct. 11.
Payments of $25,000 to $30,000 would help add as much as 5 cents to the cost of mining each pound of copper, Marcelo Awad, chief executive officer of Antofagasta’s mining unit, said in an interview in London.
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“I am surprised at the settlement at Escondida,” Awad said Oct. 16. “This is a very bad precedent set for all producers.”
Point to make:
1) At current metals prices, ANTO.L is currently making what can be described in official terms as a veritable shitload of money.
2) We are talking about Chile, a country with the second worst GINI rating in all of South America. Or in plain English only Paraguay has a bigger breach between its rich and its poor. And BHP has the temerity to give the proles pay rises? Obviously a bunch of AussiePinkoCommies, eh Marcelo.
3) As for that suggestion about extra costs adding to a world commodity price, that's just pretzel logic. Ridiculous and plain stupid business brain trying put the cart before the horse. ANTO has to pay a decent wage, that's all. A pay rise in Region II Chile threatens to add 5c to the LME spot price? Are you nutso? Go back to college, dumbass.
Meanwhile, let's see how the ANTO.L corporate year is going.....
Hmmm...no love to spread around, right?And thus, Marcelo Awad, pig capitalist dumbass and pitiful example to follow for other captains of industry, you win this week's coveted award. Me das una vergüenza ajena huevon and so will you please just...
