BHP Spence copper mine workers in Chile to extend talks for two days – union

To try to reach agreement on a new contract and avoid a strike at the operation.
Image: Carla Gottgens/Bloomberg

Workers at BHP Group’s Spence copper mine in Chile said on Wednesday they would extend negotiations with the company for a few more days to try to reach agreement on a new contract and avoid a strike at the operation, the union told Reuters.

The union representing 1 100 workers at the mine in Chile’s northern Atacama Desert said it hoped to reach an agreement by the end of Thursday.

Moneyweb Insider INSIDERGOLD

Subscribe for full access to all our share and unit trust data tools, our award-winning articles, and support quality journalism in the process.

Choose an option:

R63 per month
R630 per year SAVE R126

You will be redirected to a checkout page.
To view all features and options, click here.

A monthly subscription is charged pro rata, based on the day of purchase. This is non-refundable and includes a R5 once-off sign-up fee.
A yearly subscription is refundable within 14 days of purchase and includes a 365-day membership.

Click here for more information.

“We´ll extend our talks by two more days,” a union official told Reuters late on Tuesday evening.

BHP did not immediately respond to a request for comment.

BHP is also negotiating with the union representing workers at Chile’s Escondida copper mine, the world’s largest, which told Reuters it was keeping an open mind but also building a war chest for a potential strike.

At the same time, 200 remote workers from BHP’s Integrated Operations Center in the Chilean capital Santiago, who run Spence and Escondida, the world’s largest copper mine, remain on strike after walking off the job when they failed to reach a contract agreement on May 27.

The announcement of a settlement at Spence will reduce some of the pressure on BHP. It comes as global copper prices hover near record highs and amid rising political risk in the region, with political shifts bringing potential changes to miners’ taxation and royalty regimes under way in both No. 1 copper producer Chile and neighboring Peru, the No. 2 producer.

Spence, in northern Chile, produced 146 700 tonnes of copper last year out of Chile’s total 5.7 million tonnes.

BHP said this year that it hoped a new, $2.46 billion concentrator plant at the site would extend the useful life of facility by more than 50 years and see it producing 300 000 tonnes a year by February next year.

COMMENTS   0

You must be signed in to comment.

SIGN IN SIGN UP

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
BTC / USD

SEARCH COMPANIES
Enter company name or share code:

ECONOMIC DATA  

  CPIThe Consumer Price Index (CPI) measures monthly changes in prices for a range of consumer products May 2021 4.40%
  CPI ex OERThe Consumer Price Index excluding Owners’ Equivalent Rent (CPI ex OER) measures monthly changes in prices for a range of consumer products excluding Owners’ equivalent rent that measures changes in the cost of owner-occupied housing May 2021 5.00%
  RepoThe rate at which the Reserve Bank lends money to the country’s commercial banks and set by the Reserve Bank’s Monetary Policy Committee. Jun 2021 3.50%
  Prime lendingThe Prime Lending Rate is the rate of interest that commercial banks will charge their clients when issuing a loan (home loan or vehicle finance) Jun 2021 7.00%
INSIDER SUBSCRIPTIONS APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING PORTFOLIO TOOL CPD HUB

Follow us:

Search Articles: Advanced Search
Click a Company: