Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Minera Lumina Copper said on Sunday that it had reached an agreement with workers at its Caserones mine in Chile on a three-year collective contract, ending an almost month-long strike.
Minera Lumina Copper, controlled by Japan’s JX Nippon Copper, said in a statement that a deal had been struck with 98% of members of the Lumina workers’ union voting in favour of its latest offer, resulting in a contract being signed on Saturday.
“The company values the willingness to engage and reach an responsible agreement that both meets the expectations of workers and ensures that Caserones can be a secure and sustainable operation into the future despite the significant challenges that it faces,” the company said in a statement.
Workers at Caserones went on strike at the start of August after collective wage negotiations and government-led mediation foundered.
Copper prices soared to record highs this year, handing unions in Chile and elsewhere additional leverage in labor negotiations with large global miners.
Caserones, a comparatively smaller mine in Chile, produced 126,972 tons of copper in 2020.
(By Aislinn Laing; Editing by Sandra Maler)
Comments