BHP, Miners Reach Tentative New Agreement at Escondida Mine

BHP Group Ltd and the union at its Escondida copper mine in Chile announced in the first week of August that they had achieved a tentative agreement for a new contract.

However, the union will need a couple more days to submit the new contract to workers for approval, it was said around the same time.
The tentative agreement allays concerns that the union may call a strike at the world’s largest copper mine. Chile, the world’s top copper producer, experienced a historic 44-day shutdown in 2017, which shook copper prices and hindered economic growth.

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Metal prices rose to all-time highs earlier this year, giving labor unions more bargaining power.
The ongoing negotiation between the company and the powerful 2,300-member union has kept global copper markets on edge as demand rises and supply remains difficult amid a nascent global recovery from the COVID-19 pandemic.