After reading this report today on the latest numbers from Chile’s INE (three months to September) regarding the number of people employed in the mining industry, your humble scribe hightailed it to the INE website, pulled down the comparative numbers from previous years to 2010, made this chart:
NB: Cut down Y-axis that’s used to show differences, not to try and trick you
Costs are dropping in Chilean mining? You bet. LatAm too? Don’t even think twice. As that linked report stated at the end (translated), “...today there are a lot more applicants for a lot fewer jobs which means that salaries aren’t just staying the same, they’ve begun to drop for new contract and the salary levels have been adjusted as today [companies] compete less and less for an employee.”
So now you know.