Union at BHP's Escondida copper mine signs labor deal, ending strike risk

seekingalpha08-19

The union at Chile's Escondida copper mine said on Sunday it signed a deal with BHP (NYSE:BHP), ending the risk of a further strike at the world's largest copper mine that could have threatened global...

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BHP (BHP) said the three-year deal included changes in labor conditions such as \"initiatives to optimize shift changes, increase equipment utilization and compliance with the 40-hour law.\" The union had gone on strike last Tuesday over a wage dispute and then reached a preliminary agreement Friday that had suspended the strike, but then issued a memo warning it might re-start the strike if the company did not \"rectify its position\" over contract talks. BHP (BHP) provided no further details on the deal, but earlier in the week, Reuters reported the company had offered workers ~$32K as a bonus, after previously proposing a $28.9K bonus per worker, compared with the union's demand of 1% of shareholder dividends from the mine, or $35K-$36K per member. Copper prices on the London Metal Exchange (HG1:COM) recently traded +1%, with metals generally showing gains. 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