The threat of a strike was averted when Fenoco, Colombia's main coal railway, and unions Sintravifer and Sintraime reached a wage agreement, after a series of talks that began early in November, S&P Global Platts reported Dec. 16.
An upfront bonus was agreed upon by both parties, a European source told Platts, while another market source said the agreement was for a 0.4% increase over the consumer price index, or CPI, for the first year and a 0.3% increase over the CPI for the remaining four years, the report said.
The 140-mile railway transports around 42 million tonnes of coal each year from mines in Cesar province to Caribbean ports. Among the companies using the track are Drummond Co. Inc. and Glencore Plc's Prodeco unit.
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