UNION EMPLOYEES RATIFY PHELPS DODGE LABOR AGREEMENT AT CHINO MINES CO.
PHOENIX, July 8 /PRNewswire/ -- Phelps Dodge Mining Company, a division of Phelps Dodge Corporation (NYSE: PD), today announced that union-represented employees at the Chino Mines company mine, mill and smelter near Silver City, New Mexico, have ratified the recently negotiated three-year labor agreements. The new three-year agreements commence July 1, 1993 and include a $0.35 per hour increase in base wages the first year, an average $0.35 per hour increase in the second year, and an average $0.25 per hour wage increase in the third year. Union-represented employees at Chino also will have a wage increment based upon the price of copper. In addition, the agreements provide for improvements in pension, life insurance and other benefits. J. Steven Whisler, President of Phelps Dodge Mining Company, stated, "The settlements are fair and address issues that are important both to our employees and to the company. The wage and benefit packages are designed to maintain Chino's competitiveness in a global economy, and thereby increase the long-term job security of our employees." Chino Mines Company is an integrated copper mining, milling and smelting operation owned two-thirds by Phelps Dodge Chino, Inc., a subsidiary of Phelps Dodge Corporation, and one-third by Heisei Minerals Company, a Mitsubishi company. Phelps Dodge Corporation is the world's second largest producer of copper. The company is a major mining and manufacturing concern with operations located throughout the United States and in 24 other countries. -0- 7/8/93 /CONTACT: Thomas M. Foster of Phelps Dodge, 602-234-8139/ (PD)
CO: Phelps Dodge Corp.; Chino Mines Co.; Phelps Dodge Mining Co. ST: Arizona IN: MNG SU: CON
JL-MF -- SD006 -- 9409 07/08/93 10:12 EDT
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|Date:||Jul 8, 1993|
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