Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Bosnia miners end 9-day protest after clinching wage, pension deal

Published 01/12/2021, 15:13
Updated 01/12/2021, 15:17
© Reuters. FILE PHOTO: Coal miners protest in Sarajevo, Bosnia and Herzegovina November 23, 2021. REUTERS/Daria Sito-Sucic

SARAJEVO (Reuters) - About 7,000 miners will return to work at Bosnia's seven coal mines after securing a deal with the government and state-owned Elektroprivreda BiH (EPBiH) power utility on wages and pensions, officials said on Wednesday, bringing to an end a 9-day protest.

The miners halted work last week in support of colleagues who were protesting in the capital Sarajevo against what they said were violations of work and pay regulations.

EPBiH General Manager Admir Andelija said at the time that power production at the largest coal-fired Tuzla power plant was under threat as there were only 10-days worth of coal reserves, and the company could be forced to raise electricity prices.

Under the new agreement, miners will be paid outstanding pensions accumulated over past decades, which Andelija said amounted to 500 million Bosnian marka ($288.2 million), and a higher basic salary.

"The quality of the agreement is that it is not going to endanger the operation of EPBiH," Andelija said.

He said that EPBiH and the government of Bosnia's autonomous Bosniak-Croat Federation, where the mines are located, had agreed to raise the price of coal by 20% from 2022, as requested by trade union representatives. However, there would be no price hikes for households next year.

Federation Industry and Energy Minister Nermin Dzindic said the deal was necessary to unlock the restructuring of indebted coal mines as part of a government plan to switch gradually to renewable energy sources from coal and cut the number of miners to 5,200 over the next several years.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

(1$ = 1.72 Bosnian marka)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.