BHP set to detail copper growth plans on Chile roadshow, analysts say
The world's biggest listed miner will be hosting analysts and investors on a roadshow of its Escondida and Spence copper operations from Nov. 17-20.
A workers union at Peru’s large Las Bambas copper mine, owned by China’s MMG Ltd, began a two-day strike on Tuesday to demand greater profit sharing and better transport conditions, said the union’s secretary general Erick Ramos.
The mine is one of Peru’s largest copper producers, while the country itself is the No. 2 producer worldwide.
The strike, originally organized for an indefinite period, will end on Thursday at 5:30 a.m. local time, Ramos said on Tuesday afternoon.
“The labor authority declared the strike improper and, in order to avoid reprisals against the workers, it was decided to shorten the duration of the protest,” Ramos said in an interview with Reuters.
“The company does not want to consider our demands, and the relationship between the company and the union has broken down,” Ramos added.
Representatives for Las Bambas did not immediately respond to a request for comment.
Earlier on Tuesday, Ramos said in an interview that the union is demanding additional compensation after being informed by the company that “profits will be halved this year” and therefore there would be fewer benefits for employees under the profit-sharing scheme.
Slightly more than half of the 2,000 workers employed at the mine are part of the union, according to Ramos.
Las Bambas put out 221,160 metric tons of the red metal from January to September this year, nearly 22% more than the same period a year ago, according to Peru’s mining ministry.
Production at the copper mine has been recovering after a stoppage earlier this year caused by anti-government protests blocking an access road.
Las Bambas has a history of work stoppages due to protests by nearby Indigenous communities calling for more benefits from the mine.
(By Marco Aquino and Kylie Madry; Editing by Kirsten Donovan, Sarah Morland and Aurora Ellis)
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