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Chile Escondida Workers Accept Offer; Strike To End Friday -Union
Aug 8,2011 09:48CST
industry news
Source:SMM
Unionized workers at Chilean copper mine Escondida voted in favor of management's bonus offer and will end their 15-day strike sometime Friday.

SANTIAGO, Aug 05, 2011 (Dow Jones Commodities News via Comtex) -- Unionized workers at Chilean copper mine Escondida voted in favor of management's bonus offer and will end their 15-day strike sometime Friday, the union's spokesman said.

Escondida, the world's largest copper mine accounting for 7% of global output, lost 3,000 metric tons of copper a day on the work stoppage.

"Around 65% of the union members voted in favor of the offer and we'll end the strike as soon as we complete the paperwork with the company today," union spokesman Marcelo Tapia told Dow Jones Newswires.

The sole union at the mine has 2,375 members and represents 96% of the union-eligible work force.

Global diversified mining company BHP Billiton Ltd. (BHP, BHP.AU) has a controlling 57.5% stake in Escondida and operates the mine, while Rio Tinto PLC (RIO, RIO.LN) holds another 30%. The remaining 12.5% is held by a Japanese consortium led by Mitsubishi Corp. (MSBHY, 8058.TO).

Escondida produced 1.09 million tons of copper in 2010.

 

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