Today KGHM workforce would start voting in a ballot on whether to launch a protest action against the management refusal to meet unions demand for higher wages and increased contribution to the employee social fund. Our view: We do not expect any major price impact of the news. We doubt that the ballot would meet the 50% turnout threshold, required for it to be valid. The management informed that average pay in KGHM would rise by 12% y/y in 2007, as the result of previous agreements with the unions and via profit participation scheme for employees.