Monday, November 23, 2009

Chile has the world's largest copper mine.

Situated south of Peru and west of Bolivia and Argentina.
Chile won its independence from Spain in 1818.Capital city:Santiago.
Chile fills a narrow 2,880-mi (4,506 km) strip between the Andes and the Pacific. One-third of Chile is covered by the towering ranges of the Andes.
In the north is the driest place on Earth, the Atacama Desert, and in the center is a 700-mile-long (1,127 km) thickly populated valley with most of Chile's arable land.
At the southern tip of Chile's mainland is Punta Arenas, the southernmost city in the world, and beyond that lies the Strait of Magellan and Tierra del Fuego, an island divided between Chile and Argentina.
The southernmost point of South America is Cape Horn, a 1,390-foot (424 m) rock on Horn Island in the Wollaston group, which belongs to Chile. Chile also claims sovereignty over 482,628 sq mi (1,250,000 sq km) of Antarctic territory; the Juan Fernández Islands, about 400 mi (644 km) west of the mainland; and Easter Island, about 2,000 mi (3,219 km) west.
In Chile, BHP Billiton(Australia) owns the Cerro Colorado and controls and operates Escondida, the world's largest copper mine.
Its 560 strong union workers lately caused a shutdown in ore extraction for nearly 42 days which started on Oct 13 due to striking dispute over wages and benefits packages.
This strike causes a lost of 500 tonnes a day as the open-pit Spencer mine can produce 164,000 tonnes of copper cathode.
At Cerro Colorado, it finally reached an early, 41-month agreement last week, ahead of the January 31, 2010, contract expiration date. In mid-October, it reached an early agreement, also for a 41-month period, with Escondida workers ahead of the December 5 contract expiration date.
Finally,the union has accepted a 41 month wage and benefits packages that included a 4% wage increase,a US4,000 interest free loan, and an end-of-negotiation bonus of US14,200 per worker.
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Chile has it's very own stock exchange called The Bolsa de Comércio de Santiago (Santiago Stock Exchange, SSE)The exchange trades in stocks, bonds, investment funds, stock options, futures, gold and silver coins minted by the Banco Central de Chile, and US dollars on Telepregon, its electronic platform.
The Dow on Monday,23/11/09 is the start of new index/option futures month.
Asian Index futures is starting the roll-overs of contracts today.

9:30am:--A hefty 90.0 points gap up.
10:30am:--Session high with a nearby hangman.
11:30am:--Opening market gap up no way to be filled due to the distance,now there's a hangman.
12:30noon:--Pullback to the bull pivot support.
1:30pm:--A shooting star after nearly an hour consolidation.
2:30pm:--Ascending soldiers.
3:30pm:--Bears attempt to bring it down the the day's MAV support.
4:00pm:--Bullish engulfing.
The start of new contract month(November)with a big bang.The bulls have pierced through the 52 weeks bull pivot top resistance and by next month will be a breakout of the whole of 52 weeks candlestick.
Investors will become fearful at this event but there's nothing to worry as the next presidential election be it in the US or Far-East are still four to five years away.Most of these government will try to make a good presention to the people in the hope of extra votes.