Air Canada and the IAMAW Reach Tentative Agreement on New Contract

FINWIRES Analysis

A tentative deal covering more than 11,000 workers removes major labor-disruption risk for Air Canada heading into peak travel season, which the 2.4% share gain reflects. Confidential terms mean cost impact stays unknown until ratification, the next hurdle. Membership approval and any wage-cost detail are what to watch over coming weeks.

Key Takeaways

Tentative deal covers 11,000+ Air Canada workers

Reduces strike risk into peak season

Terms confidential pending member ratification

Air Canada (AC.TO) has reached a tentative collective agreement with the International Association of Machinists and Aerospace Workers (IAMAW) representing more than 11,000 Air Canada employees in Maintenance, Cabin Services, Airport Airside Operations, Cargo, Finance and Clerical, the company said over the weekend.

Terms of the new agreement remain confidential pending ratification by the union membership, expected to be completed over the next few weeks, and approval by the Air Canada Board of Directors, stated the company. "The agreement recognizes the contributions and skills of Air Canada's operations and administrative employees," added the company.

Shares in AC were up $0.51 or 2.4% to $21.50 last Friday.

Air Canada Customer Service Agents Ratify a New Four-Year Contract

Air Canada (AC.TO) customer service agents ratified a new four-year collective contract, Unifor, the union representing the 6,000 employees said on Friday.The union said the new contract raises the agents' compensation by 12% in the first year and 3% in each of the next three years, along with a signing bonus. The also secured improvements to shift premiums, longevity pay, as well as payment for unused sick days carried over from the previous calendar year."This agreement shows what can happen when we put their needs first. We're seeing it with meaningful gains in wages, pensions, benefits and job security, while recognizing the critical role our members play in supporting passengers every day. We are proud of what our bargaining committee achieved on behalf of members from coast-to-coast," Unifor Local 2002 President Tammy Moore said in a statement.

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Kootenay Silver Says Contract Miner Missing Following Accident at Columba Project

Kootenay Silver (KTN.V) said Friday a contract miner working in the F Vein shaft at its Columba project in Mexico was involved in an accident on Thursday.The miner has not yet been located despite ongoing rescue efforts, the company said, adding that it immediately notified the necessary authorities and launched a full investigation into the cause of the incident."We have temporarily stopped all exploration activities while the investigation is ongoing," the company said.Price: $1.42, Change: $-0.03, Percent Change: -2.07%

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Avalon Advanced Materials Appoints PJ Juvekar to Its Board of Directors

Avalon Advanced Materials (AVL.TO) on Friday said it appointed PJ Juvekar to its board of directors, effective June 8.Juvekar currently serves as a Senior Advisor with Boston Consulting Group and also serves as a Senior Advisor to Nouryon, a Carlyle-owned specialty chemicals company, said the company."Juvekar is a former top-ranked Wall Street analyst and accomplished business leader with more than 30 years of experience across capital markets, corporate strategy, and industrial sectors," stated the company.During his more than two decades at Citigroup, Juvekar held several senior leadership positions, ultimately serving as Global Head of Research for Chemicals, Agriculture, and Climate Tech, the company added."PJ brings an exceptional combination of capital markets credibility, industrial sector expertise, and strategic advisory experience that is rarely accessible to a company of Avalon's size," said board chair Alan Ferry. "As Avalon advances toward the next stage of corporate and project development, including expanded engagement with institutional investors, government stakeholders, and strategic industry participants, PJ's perspective and network will be tremendously valuable.."The company's shares were last seen up $0.005 tot $0.06 on the Toronto Stock Exchange.

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