“This is a source of income for more than 40,000 households, and we don’t have a response as to what is going to happen to us,” union leader Michael Camacho told reporters.

According to the newspaper O Tempo, the compensation is expected to exceed that of the Brumadinho disaster, for which Vale paid $7.72 billion.

Authorities will start “the transition process for the orderly and safe closure of the mine,” Laurentino Cortizo said in a post on X.

Lithium’s price slump over the past year has been as dramatic as its climb — and it’s probably not finished yet.

The announcement comes after a government labor entity said the strike was improper.

If the Cobre Panama mine was to be permanently shut, then the market could easily move into deficit in 2024, a Macquarie analyst said.

The head of one of Chile's top mining associations on Tuesday urged the government to speed up efforts to expand the lithium industry.

Las Bambas workers are demanding greater profit sharing and better transport conditions.