Tuesday, May 22, 2012

BHP (BHP), Coal Unions Reach Impasse

BHP Billiton and the coal unions of Queensland haven't come to an agreement over safety staffing issues, and the radical unions have threatened to strike on Thursday, according to the Daily Telegraph.

BMA asset president Stephen Dumble said this, "Each of the solutions BMA has proposed has been rejected by the unions.

"The current BMA enterprise agreement negotiation is at an impasse over exactly this type of issue where unions want to ignore current market and employment trends and instead preserve a status quo position for their own industrial ends.

"The issue in question is too important to be caught up in this way. It is a real issue which demands a real solution."

Contractors are now running the safety staffing operations at the company.

The coal unions have also rejected a far-too-generous pay offer of an additional 15 percent over the next three years, which also includes a $15,000 bonus.

BHP has threatened to take that off the table if an agreement isn't reached soon.

They should take if off the table with the commodities markets weakening, with more contraction expected to happen in the short term. Over the long haul commodity prices will continue to rise as demand will guarantee the bull market in commodities will continue.

BHP closed Monday at $64.47, gaining $1.98, or 3.17 percent.

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