Lates News

Salary mediation talks between the union at Chile's large Escondida copper mine and operator BHP enter their final day. This comes after BHP raised its pay offer. Meanwhile, striking workers at Antofagasta's copper mine have also returned to the negotiating table. Copper prices are near record highs, prompting miners to demand a greater share of mining profits, while mining companies try to contain rising costs, leading to increasingly tense labor relations in Chile, the world's largest copper producer. At the same time, the risk of further production disruptions has intensified market concerns about copper supply and become one of the factors driving copper prices higher. BHP said the latest proposal would further consolidate the position of Escondida supervisors and employees as the highest-paid in comparable roles in the industry. The union acknowledged that the new proposal addressed some of its demands but said significant differences remain between the two sides. Alexis Barrera, head of the Escondida No. 2 supervisors and employees union, said that given the company's huge profits, a signing bonus of about $25,500 per employee as part of the overall benefits package is "below market level." If the two sides fail to reach an agreement on Tuesday, more than 1,000 union members could go on strike starting Wednesday. The two sides may also agree to extend the mediation process.