Strike at Molymet's Nos plant drives molybdenum oxide price upward

The price in Europe for molybdenum oxide rose in the first half of the week ended Wednesday June 12, with a workers’ strike at Molymet’s Nos plant in Chile supporting sentiment in an already tightening market.

Earlier in the week, workers affiliated with trade union No1 at the Nos plant, Molymet’s main production unit, went on strike after rejecting the Chilean molybdenum producer’s latest offer in their labor negotiation process, the company said on June 10. The unit is currently under maintenance, with measures being taken to minimize the effect of the workers’ stoppage, the company added in a document filed with Chile’s securities authority, CMF. “We do not expect any adverse effect [to emerge from the strike],” Molymet said. Union No1 has around 400 members. The...

Published

Ewa Manthey

Renato Rostás

June 12, 2019

17:38 GMT

London, Santiago