Workers at Chile's copper giant go on strike

By the CNN Wire Staff

STORY HIGHLIGHTS

Miners at Codelco, the world's largest copper producer, walk out
They are upset over what they fear could be the privatization of the state-run company
Codelco says the one-day strike will cost it more than $40 million

(CNN) -- Workers at Codelco staged a one-day strike Monday in Chile, halting operations at the world's largest copper producer.

Miners are upset over management and moves they fear could lead to the privatization of the state-owned company.

"All of the unions that belong to the FTC participated in the strike," Codelco said in a statement, referring to the National Federation of Copper Workers.

Video broadcast by CNN Chile showed miners blocking roads with rocks. One carried a Chilean flag on which someone had written: "Codelco. 100% Chilean."

State and company officials have denied they wanted to sell the company, which says it produces roughly 11% of the world's copper.

"There is no intention to privatize or incorporate private capital into Codelco during this administration," said Chilean Mining Minister Laurence Golborne, CNN Chile reported.

The company said early Monday that the one-day strike would cost it more than $40 million.

CNN's Dana Ford contributed to this report.