Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

UPDATE 1-Union leaders at BHP's Escondida mine to meet with workers

Published 23/03/2017, 08:23 am
Updated 23/03/2017, 08:30 am
© Reuters.  UPDATE 1-Union leaders at BHP's Escondida mine to meet with workers

(New throughout, adds details, union comments; adds byline, changes dateline, previous SANTIAGO)

By Felipe Iturrieta

ANTOFAGASTA, Chile, March 22 (Reuters) - Leaders of the striking union at BHP Billiton's BLT.L BHP.AX Escondida mine in Chile will meet with the rank-and-file before making any additional decisions about negotiations, a union spokesman said after exiting a meeting with BHP on Wednesday.

BHP and leaders of the 2,500-member union at Escondida, the world's largest copper mine, left the meeting in the city of Antofagasta (LON:ANTO) without offering additional comment, or saying when the parties would next sit down.

"No comment, we're going to meet with the base," union spokesman Carlos Allendes told reporters.

Since workers walked off at the massive deposit on Feb. 9, copper production has been stopped, sending global copper prices CMCU3 higher amid supply concerns.

Talks have since been tense, and various attempts to return to the negotiating table have failed. The two parties finally returned to the table on Monday for the first time in weeks, and met again on Wednesday afternoon. on Wednesday, BHP BHP.AX BLT.L decided to suspend work indefinitely at projects linked to Escondida, such as construction work at its Coloso desalinization plant and its Los Colorados concentrator, citing continued blockades by the union.

Throughout the process, workers have maintained three core demands: that the benefits in the previous contract not be reduced; that shift patterns not be made more taxing; and that new workers get the same benefits as those already at the mine. union has also said in recent days that it could invoke an article of Chile's labor code that would stop the current negotiations and send the miners back to work for 18 months under the previous contract. They said that would allow them to start negotiations again under new labor laws set to go into effect in Chile in April, strengthening their hand. is majority controlled by BHP, with minority participations by Rio Tinto RIO.AX RIO.L and Japanese companies including Mitsubishi Corp 8058.T . It produced slightly more than 1 million tonnes of copper in 2016.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.