Share The Wealth

Inco workers win takeover protection, raises

With the mere threat of a strike. In a boom economy, when nickel prices would go through the roof if they struck. While the big Canadian mininge Corporations are in the midst of an orgy of mergers and acquisitions, that is market monopoly, the mineworkers got job protection. Way to go.

The agreement "reflects Inco's extremely strong financial position and recognizes our members' contribution to that success, as well as protecting Inco employees through any merger or takeover process," Fraser said in a release.

But no matter how well paid or what signing bonuses they get they still won't be making as much as this guy.

	Inco Ltd.	Scott Hand, CEO	$10,715,736
Salary: $1,240,969 Bonus: $2,416,888 Subtotal: $3,657,857 12% chg Other: $161,791 Share Units: $2,436,903 Option Gains: $4,459,173 TOTAL: $10,715,736 New option grant: 54,000 ($800,789)

Even though it is the mineworkers who create the weath. Which is proven by the fact that had they gone on strike nickel would have become more valuable as well as making the companies involved more valuable. Maye the Steelworkers settled to short, and should have demanded shares and a seat on the board.

A looming strike at Inco Ltd.'s key Sudbury operations could send nickel prices higher and potentially make Inco's offer for Falconbridge Ltd. more attractive. That's because a strike at Inco's Sudbury operations, which account for roughly 9 per cent of global nickel output, tends to mean higher nickel prices as traders bet on potential shortages.

Also See:

Criminal Capitalism: Xstrata

Monopoly

Inco

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