Chuquicamata copper mine workers finally accept Codelco contract plan to end two weeks of strike

SMM6, 28 Feb: on Thursday, 75 per cent of workers at the Chuquicamata copper mine finally accepted the latest contract offer from Codelco, ending a two-week strike and returning to work.

The latest contract details accepted by the miners include:

11410 pesos (about $20750) bonus

two。 1.2% increase in real wages

3. As a result of the shift from open-pit mining to underground mining, retirement benefits will have to be provided for 1700 miners

4. New medical benefits for employees from 1 January 2020

During the strike, the copper mine's capacity was maintained at only 60 per cent. Industry consultants estimate that several days of strikes at the Chuquicamata copper mine have reduced production to about 10, 000 tons, compared with 321000 tons at Chuquicamata last year. The strike also cost Codelco more than $50 million.

The continued fermentation of the strike will have a greater impact on copper supply in Chile, especially in the face of frequent accidents among mining companies around the world this year and a contraction in the supply of copper concentrate, the Chuquicamata strike is even worse. At present, the transaction TC of copper concentrate in the market has been below 60 US dollars / ton, the price of superimposed sulfuric acid has been falling continuously, and the production pressure of some small and medium-sized smelters in China has increased. "correlation Analysis-[SMM Analysis] Chilean National Copper Codelco Chuquicamata Workers strike Copper concentrate TC decline

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