Copper price set for worst week since 2022 as China Plenum disappoints
Copper prices have retreated from a record hit in May on concerns about the strength of demand in China.
Chile’s Candelaria copper mine, owned by Canada’s Lundin Mining, said on Friday it had offered an improved contract deal to one of two unions on strike at the deposit in a bid to re-start production.
The mine shut operations on October 20 after members of the Candelaria Union walked off the job, joining the company’s Mine Union, which had begun a strike 12 days before.
The latest offer is aimed at the Candelaria Union. The Mine Union rejected a topped-up offer from the firm in early November, prolonging a strike which now stands at 36 days.
“This proposal includes increases in allocations and payments for the closing of negotiations of 17.5 million pesos (about $22,800),” the company said in a statement sent to Reuters.
The mine said the new deal had taken into account both the concerns of the union and the new social economic scenario both locally and internationally.
The union must vote on the proposal by Tuesday, Nov. 17.
Candelaria produced 111,400 tons of copper in 2019.
(By Fabian Cambero and Dave Sherwood; Editing by Cynthia Osterman)
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