Codelco Reaches Preliminary Wage Agreement With Chuquicamata Copper Mine Workers

According to MINGING.COM citing Reuters, a union leader told Reuters last Friday that workers at Codelco and its Chuquicamata mine have reached a preliminary wage agreement.

Additionally, an internal document obtained by Reuters last Friday showed that Codelco's copper production in November was 125,500 mt, up 18% YoY but still below the target for the month. According to the document titled "Preliminary Corporate Results" and dated December, the miner's production was 3% lower than expected. The only divisions that met their targets were the larger El Teniente and the relatively smaller Radomiro Tomic.

Following its performance in November, Codelco still needs to produce over 161,000 mt of copper in December to reach the low end of its target, which was set earlier this year at 1.325 million mt to 1.352 million mt. Senior company officials previously told Reuters that Codelco expects year-end production to reach 1.331 million mt, up 0.5% YoY.

The document revealed that delays in the Rajo Inca project at the Salvador mining district impacted the company's November production. It also showed lower recovery rates and processing volumes at the Andina, Chuquicamata, and Gabriela Mistral mining districts, as well as lower ore grades at the Ministro Hales mine.

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》Codelco's November Copper Production Up 18% YoY, Below Monthly Target