Brazil’s Gerdau buys out Sumitomo Corp and JSW in Gerdau Summit
The transaction is expected to close in early 2025.
Chile state miner Codelco, the world’s largest copper producer, said on Thursday it had signed a new three-year collective labor contract with the union representing workers at its northern Radomiro Tomic mine.
The agreement was signed on Wednesday but comes into force retroactively starting April 1, the company said, without giving details on the changes agreed in the new contract.
“Codelco values its dialogue and shared vision with the STRT union and its associates, which is essential to strengthening safety management, achieving production objectives and building together the present and future of Radomiro Tomic and the company,” the miner said in a statement.
At the start of March, a heavy machinery worker died in an accident at the site, over 930 miles (1,500 km) north of the capital in the South American country’s Atacama desert.
Radomiro Tomic produced 315,000 tons of copper in 2023, just under a quarter of the company’s annual production, which last year hit its lowest level in a quarter of a century as it battles lower ore grades and operational delays.
The company has also been tasked with negotiating public-private partnerships with lithium miners as the country looks to boost state control over the battery metal industry.
(By Natalia Ramos and Sarah Morland; Editing by Franklin Paul)
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