Dates Set to Commence Negotiations at Highland Valley Copper
Well, it's official! We have confirmed dates to commence bargaining with the Company August 23rd, 2016, in Kamloops. We will start with opening statements, and exchange proposals. It will take some time to review the Company's documents, but as soon as we get the next set of agreed upon dates to meet, we will let the membership know. Given the current economic climate and trends of increasing value we are optimistic that we can negotiate a fair and reasonable deal in a reasonable time frame. The Company is in a good position to negotiate a fair deal, with good profit margins from Highland Valley Copper last year. We have a lot to say at the table, as the Company has continued their trend of treating everyone (including management) poorly, and there is definitely areas in the Collective Agreement which need some tidying up. Wages, pensions, benefits will come later, as we will work through the non-monetary issues first, and work to resolve some of the current conflicts. As always, this round of bargaining relies heavily on everyone working together, being informed on the latest issues, and not relying on the Company to tell you what is going on. There is only one source of information, and it will be through our recently launched Text Alert System, through emails like this or through your CAT team member. We will do our best to ensure our CAT (Communication Action Team) are well up to date and readily available to answer questions, bring forth concerns, relay information and we encourage you to reach out to these individuals. To sign up for the Text Alert, text "safety" to 33733, to be kept up to date with the latest safety issues, bargaining updates and news from three major Teck mine sites. This includes Highland Valley Copper, Fording River and Elkview Operations. Knowledge is power, and communication is key. Regardless of your position, feelings or thoughts about the Union or the Company, we are all in this together now. Each one of us has an extremely important role to play, for it takes 100% to move us in the right direction. What happens next will affect every single person on site, from the shovel operator, to the janitors. This is a team, a family, a network of friends and co-workers that you have worked with for years or even decades. Your kids play soccer together, and you spend time drinking beer after work together. It's that relationship that makes us stronger than them, gives us the ability to stand up when we have to stand up and fight when we have to fight. There may be a day where we call all of you for your support, and we expect everyone to be ready for that call. In solidarity, Kyle Wolff President of United Steelworkers 7619 Representing Employees at Highland Valley Copper --------------------------------- Below is some of the Q2 results. --------------------------------- Teck has just released their unaudited 2nd quarter results for 2016 with the following key notes: Teck shares have risen 7.02% so far today representing and increase of $1.33, bringing share value to $20.27 and rising. Copper prices have been stable with steady increase and currently sitting at US$ 2.21 per pound and averaging US$ 2.14 per pound for the quarter (up 1.2% from previous quarter) Profit attributable to shareholders was $15 Million EBITDA (Earning Before Interest Taxes Depreciation and Amortization) was $468 Million Gross profit before depreciation and amortization was $536 Million Cash flow from operations was $339 million for the 2nd quarter Teck has extended the maturity of $1 Billion of their $1.2 Billion line of credit by 2 years from June 2017 to June 2019 Teck's liquidity sits at $5.4 billion inclusive of their $1.4 billion in cash and US$3.0 billion of undrawn committed credit. Teck has achieved and continues to receive significant reductions in costs with steel making coal costs reducing to US$59 per tonne from US$68 per tonne a year ago copper production costs reducing to US$1.34 per pound from US$1.49 per pound a year ago Operating costs at Highland Valley Copper have declined by $44 Million (28%) compared to the same quarter last year due to significant cost cutting measures Construction of the Fort Hills oil sands project has now surpassed 60% completion Teck has acquired the 2.5% minority interest stake at HVC for $33 Million giving them 100% interest in Highland Valley Copper Comments are closed.
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