MSV workers accept contract

The workers at MSV Resources’ (MSV-T) two mines in Chibougamau, Que., have accepted the latest pay raise offer from the company.

The offer includes a 25 cents-per-hour raise in the first year and raises of 40 cents and 50 cents per hour for the second and third years, respectively.

Having produced 5.6 million lb. copper and 16,257 oz. gold during the second quarter, MSV is aiming for annual production of 17.1 million lb. copper and 48,200 oz. gold. Most of the copper will be sold at US$1.13 per lb., while 75% of the gold output has been hedged at US$403 per oz.