Chilean miner Codelco signs early contract with union Ministro Hales By Reuters

SANTIAGO (Reuters) – Chile’s state miner Codelco said on Wednesday it had reached an early contract agreement with workers’ union Ministro Hales.

The new three-year contract will take effect in December.

Union negotiations at Chile’s copper mines have been closely watched by analysts and investors since last month’s strike at BHP’s Escondida, the world’s biggest copper mine, resulted in an improved bonus for workers.

Codelco said in a statement that the agreement is based on ensuring the safety of workers and the sustainability of the business for decades to come. He did not elaborate on the specific terms.

The Ministro Hales division produced 126,000 metric tons of copper in 2023.

Unionized workers at Codelco’s El Teniente complex are also scheduled to negotiate new collective bargaining agreements this year.