Soaring demand for copper will help drive mergers, BHP CEO says
Demand for copper, a key element in the energy transition, is set to rise by 70% to 100% by 2050, Mike Henry said
Chile’s state-owned mining firm Codelco, the world’s largest copper producer, said on Tuesday that it had reached advance contractual agreements with three unions at its century-old Chuquicamata mine.
The unions at the deposit, which was involved in a major project to adapt it from an open pit to an underground mine, accepted a new three-year offer in a vote, with a salary adjustment of 1.3% and a bonus of about $8,500 per worker.
“Likewise, within the framework of the negotiations, agreements were also established relating to the renewal of exceptional working hours, bonuses for meeting production goals and variable incentives,” Codelco said in a statement.
Until now, the mining firm had stood out for achieving early negotiations with worker untions without salary adjustments, amid efforts to contain costs.
Between January and September, Chuquicamata recorded a production of 239,000 tonnes of copper, down from 300,000 tonnes in the same period in 2020.
(By Fabian Cambero; Editing by Natalia Ramos and Louise Heavens)
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