SMM9 March 15: it is reported that the EI Teniente Copper Division of Chile's national copper industry has signed a collective agreement with the local union management (collective Agreement), agreement, effective from November 1 this year, valid for 36 months.
Under the agreement, no adjustment has been made to the salary, but 3.6 million Chilean pesos are agreed to be paid as an allowance / bonus, and the relevant beneficiaries can radiate to none-union professionals, 3.6 million pesos, which is 53.4% lower than previously negotiated.
EI Teniente's copper division made a net profit of $1.05 billion in 2019, and this year's net profit is expected to be similar to last year.
Since the novel coronavirus outbreak in March, the world's largest copper miner has been able to maintain production, with only a small number of staff on duty and all non-essential jobs suspended, although production fell in June and July.
[SMM brief Review] what is the impact on the supply side of Chile, the number one copper producer, which extends the state of national disaster for another 90 days?
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