Copper giant's cost crusade imperiled by wage largess of peers

Generous wage concessions made by private-sector copper producers to avoid strikes in Chile are emboldening unions at Codelco, undermining efforts by the state-owned behemoth to contain costs. That’s the view of CEO Nelson Pizarro, whose focus on costs in a five-decade mining career earned him the nickname "scissor-hands." Pizarro has settled six wage negotiations this year without a strike, but faces 11 more in the coming months, including at flagship mines Teniente and Chuquicamata.