HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
Message: Vale SA settles contracts with Brazilian workers
Vale SA settles contracts with Brazilian workers
Posted 42 mins ago
Vale SA says it has settled contracts with 14 labour unions representing 40,000 Brazilian employees, including workers at the Onca Puma nickel laterite project in Para State, Brazil.
A two-year deal was accepted by 87 per cent of the unions' membership, said Cory McPhee, vice-president of corporate affairs for Vale Inco Ltd., the Canadian arm of the Brazil-based Vale.
"In Brazil, the practice of companies and unions has been to sign one-year collective agreements negotiated annually," said McPhee in a written statement. "The fact we were able to achieve a two-year ageement with an unprecented level of acceptance speaks well to the confidence employees have in the future direction of the company."
McPhee said two-year contract employees continue to have a defined contribution pension plan and a performance-based bonus system.
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