announced May 2that the 20-day direct negotiation phase of its collective bargaining agreement with union organizationsSintramineros, Sintradrummond and Agretritrenes is extended for 10 more days.

The negotiationwhich officially started April 13 is now expected to last until May 12.

Duringthe week of April 25, Drummond presented a newoffer to the unions including a signing bonus amounting to 8.8 millionColombian pesos, a wage increase reaching 6.80% and benefits updated by 6.77% forthe first year, among other things.

The collectivebargaining agreement will be effective for three years.

As of May 2, US$1 is equivalentto 2,854.76 Colombian pesos.