Chile's Codelco Strikes Early Wage Deal At Salvador Division

SANTIAGO, Jul 15, 2010 (Dow Jones Commodities News via Comtex) -- Chile's state copper miner Corporacion Nacional del Cobre and unionized workers at its northern Salvador division struck an early deal for a 36-month contract offer, the company said Thursday.

Early this year, unionized workers at the miner's giant Chuquicamata copper complex went on strike as labor contract negotiations broke down.

By reaching an early wage deal with workers at Salvador, the company's smallest division, the miner circumvents potential costly strikes.

The new contract, which included bonuses totaling some 7.5 million Chilean pesos ($14,076) per worker, will be in effect until Aug. 31, 2013.

In all, Codelco, as the miner is known, employs 19,000 staff workers, most of which are unionized, and about 30,000 contract workers.

Last year, Codelco produced about 1.7 million tons of copper, making it the world's biggest copper producer.