With no recovery in sight, lithium prices force miners to reevaluate output
The price of the material that’s vital to the energy transition has plunged by around 80% since late 2022.
The union of supervisors at Chile’s Escondida mine, the world’s largest copper deposit, said it had rejected BHP´s final offer in contract negotiations, raising the specter of a strike.
A tally viewed by Reuters showed 78% of the union´s members voted against the offer. The union has yet to announce when the strike might begin.
Copper prices have been supported recently by concern about potential strikes in Chile, the world’s biggest producer.
Escondida could continue to operate even if the supervisors walk off the job, but a strike could create bottlenecks and slowdowns.
The union and management ended five days of government mediation on Thursday after failing to reach agreements during the initial bargaining period.
Escondida produced 1.19 million tons of copper in 2019.
(Reporting by Fabian Cambero in Santiago Writing by Dave Sherwood Editing by Chris Reese and Sonya Hepinstall)
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