Jun 24, 2011
Rolling strikes will begin hitting BHP Billiton Ltd (NYSE:BHP) late Friday, beginning in its Blackwater coking coal mine in northeastern Australia, which it co-owns with Mitsubishi Corp.
The strikes are then planned move on to six other mines over the weekend and into next week, a union official said.
The strikes are being conducted by the Construction, Forestry, Mining and Energy Union, which is one of three unions representing more than 3,000 workers involved in contract talks with the BHP-Mitsubishi Alliance.
Earlier this month a series of six-hour strikers was conducted by workers at six mines in Queensland. The workers are demanding equal pay for contract workers and employees and a say by union reps in recruitment, among other things.
BHP Billiton has a potential upside of 22.5% based on a current price of $88.38 and an average consensus analyst price target of $108.3.
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