Copper News Roundup

SHANGHAI, Sep 22 (SMM) – This is copper news roundup for last week.

1. Chile's state-owned Codelco, the world's largest copper producer, said on September 15 that it had reached an agreement on a labour contract with a union representing workers in the Salvador branch in northern Chile.

The company said in a statement that the miner and the Benito Tapia Tapia No. 6 labour union have signed a 36-month agreement that includes a signing bonus of $5,200 and production-related benefits.

Codelco stated that the company's final contract offer was approved by 61% of union workers' votes.

2. Jiangxi Copper said at the company’s performance briefing meeting on September 13 that due to the unstable situation in Afghanistan, the company’s investment in Aynak Copper Mine in Afghanistan has not yet undergone substantial construction. Aynak Copper Mine is a joint investment by Jiangxi Copper and MCC, and the first accounts for 25%. Jiangxi Copper and MCC have always been concerned about the situation in Afghanistan. Once conditions permit, the company will coordinate and push the project with MCC.

3. US Secretary of Agriculture Tom Vilsack said on September 15 that he needs to wait for legal advice before deciding whether to approve the Twin Metals copper project in Minnesota. The project is supported by the union, but environmentalists strongly oppose it.

The US Bureau of Land Management is part of the Interior Department and controls underground copper mines. If the mine is completed, it will become a major copper supplier in the United States, but some opponents worry that the project will permanently destroy the canoe wilderness area on the border between the United States and Canada. However, Twin Metals stated that the project can be safely constructed and promoted Regional economic construction.

The mine is one of the largest undeveloped mines in the world, containing more than 4.4 billion mt of copper, nickel and other strategic minerals.