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Drummond releases new offer to coal miner unions in Colombia

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Drummond releases new offer to coal miner unions in Colombia

Duringthe week of April 25, DrummondCo. Inc. presented a new offer to unions Sintradrummond,Agretritrenes and Sintramineros as part of its .

Accordingto its April 27 news release, the offer includes a signing bonus amounting to8.8 million Colombian pesos, which is "subject to the signing of thecollective bargaining agreements without a strike," a wage increase of6.80% during the first year, Consumer Price Index of 2016 plus 0.05% for thesecond year and Incentive Pay Category of 2017 plus 0.10% for the third.

Allbenefits recognized to workers will also increase by 6.77% for the first yearwhile for the second and third year, they will be increased by the CPI for 2016and 2017, respectively, said the company.

Thecollective bargaining agreement is expected to last for three years.

Forunion Sintramienergética, the collective bargaining commenced on April 26,which means that the 20-day direct negotiation stage will end on May 15.

As of April 29, US$1 isequivalent to 2,876.0 Colombian pesos.