BHP and striking union at Escondida mine discuss return to formal negotiations
Adds details from statement in graph 4, details from BTG report in graph 6 and comments from mining minister in graph 7
SANTIAGO/ANTOFAGASTA, Aug 14 (Reuters) -The striking union at BHP's Escondida copper mine in Chile is meeting with management to see if they can "bring positions closer," said a source with knowledge of the matter on Wednesday.
The union began a strike on Tuesday at Escondida, the world's largest copper mine, after contract negotiations fell apart. The meeting did not constitute a formal restart of talks and was a preliminary meeting to discuss a return to formal negotiations, the source said.
BHP did not immediately respond to a request for comment but the union confirmed the meeting to Reuters.
In a statement Wednesday afternoon, the union said the strike was keeping the Los Colorados concentration and electrowinning plants completely offline, and continued to accuse the company of "anti-union" practices by replacing workers.
A few hundred workers began building an encampment at Puerto Coloso in the northern city of Antofagasta on Wednesday, BHP's exclusive port for shipments, which also houses its desalination plants, according to a Reuters witness.
A report by BTG Pactual, a Brazilian investment bank, said that BHP could lose between $25 million and $30 million a day if the strike goes on like the 2017 strike that lasted 44 days. It added that Chile's GDP dropped 1.9% year-on-year in February due to that strike.
Aurora Williams, Chile's mining minister, said she hoped talks could resume, adding that collective bargaining in the country is well-regulated and the government does not participate in the process.
Reporting by Fabian Cambero in Santiago; Cristian Rudolffi in Antofagasta; Writing by Daina Beth Solomon and Alexander Villegas; editing by Jonathan Oatis
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
