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Market Chatter: Rio Tinto in Talks With Oyu Tolgoi Workers to Avert Another Strike
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Market Chatter: Rio Tinto in Talks With Oyu Tolgoi Workers to Avert Another Strike
Jul 2, 2024 5:18 AM

07:52 AM EDT, 07/02/2024 (MT Newswires) -- Rio Tinto (RIO) is in talks with workers at its Oyu Tolgoi copper operations in Mongolia to prevent another strike over a drop of up to 80% in wages due to changes in the country's labor laws, Reuters reported Tuesday.

OT Watch, a non-government organization in contact with the mine workers, said it was to respond by Friday to a request to begin negotiations, Reuters said, citing an email from OT Watch Director Sukhgerel Dugersuren.

The workers went on strike in May over the sudden drop in wages and another strike is possible if the workers' wage demands are not met, Dugersuren told Reuters.

Rio Tinto said the stand-down in May did not affect mine operations and had no material impact to mine production, according to the report. "The talks are ongoing and a new collective agreement is expected to be negotiated in the future," the company told Reuters.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 65.56, Change: -0.85, Percent Change: -1.28

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