Although labour strikes appear to be back in vogue, Quadra FNX Mining (TSX:QUX) has averted a walkout at its mining operations in Sudbury, Ontario.
On Tuesday, the Vancouver-based copper company announced a three-year collective agreement with United Steelworkers (USW) members that includes wage and benefit increases.
The deal takes effect July 1 and has been readily endorsed by the USW’s bargaining committee.
“This agreement breaks a pattern in the mining industry of attempts by employers to impose concessions on their workers,” said Wess Dowsett, Steelworkers area coordinator for Northeastern Ontario.
The agreement includes 3% annual wage increases, an improved retirement plan, vacation entitlement and new dental coverage categories, among other things.
“This deal is good for our members … it shows the community that fair deals can be negotiated without the need to have strikes,” said USW District 6 director Wayne Fraser.
Quadra’s Sudbury operations include the Levack Complex and Podolsky Mine, where the company primarily extracts copper and nickel.
Quadra president and CEO Paul Blythe said the agreement paves the way for the company to ramp up development at its Morrison deposit and enhance its McCreedy West and Podolsky mines.
At press time, the company’s shares were up $0.47 to $13.77.
Joel McKay
Twitter: jmckaybiv