Pan American Silver Peru Strike Over
After a strike by over one thousand workers at its Huaron silver mine in Peru started on April 10, Pan American Silver (TSE:PAA) had to decide whether to battle the workers or give in to their demands. That has been decided now as the strike has ended.
At issue in the strike was the amount of money paid out in the profit-sharing payment. The workers felt it was less than agreed to, and got more money for their trouble, whether it was true or not.
Pan American said originally that the strike was illegal, which means they must have believed the payment they made to the workers was in line with the contract.
Either way, they decided to pay out what was identified as a special payment of $180 per worker, which sounds like it was a shakedown rather than breaking profit-sharing agreement.
The 'special payment' is coming from a payment from an unidentified third party.
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