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Title : Parsing the First Quantum (FM.to) NR on the Panama Cobre strike
link : Parsing the First Quantum (FM.to) NR on the Panama Cobre strike

Parsing the First Quantum (FM.to) NR on the Panama Cobre strike

Here's the NR, below comments from your humble scribe:

TORONTO, March 14, 2018 /CNW/ - First Quantum Minerals Ltd. ("First Quantum" or the "Company", TSX Symbol "FM") today reported that the Cobre Panama project is currently experiencing industrial action which has reduced the level of work being performed on the project. 

This action was started by a small number of personnel and their outside union leadership on March 9, 2018. The dominant union, which represents the majority of workers, is not involved in the action. Currently, development activity is continuing in two of the four main construction areas.
The project's security team is working with the authorities to ensure the safety of its employees and assets.
Cobre Panama has received significant support from the government including visits from senior Ministers to assist in reaching a resolution. These efforts are continuing.

Further updates will be provided as warranted.
On Behalf of the Board of Directors of First Quantum Minerals Ltd.                     G. Clive NewallPresident

1) The industrial action began in January
2) After a brief interruption, management and workers sat down and on January 18th hammered out a deal
3) One stipulation of the deal was that nobody would be fired for their militancy in the lead-up to the January stoppage.
4) First Quantum promptly fired 34 people for being "union ringleaders".
5) The union represented by those 34 fired workers has 2,000 personnel on site. It's the second largest representative union on site, but FM.to refuses to deal with them directly. It says it will only deal with the largest union (with around 3,500 workers on site).
6) Therefore FM.to tells us that 2,000 of the 7,000 total workers is "a small amount".
7) There are now 3,500 workers on strike due to the heavy-handed management who couldn't resist breaking their own word. In other words, the strike has spread due to solidarity among the unions.
8) Well done, Clive Newall.

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