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GLENCORE PLC

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Union at Chile's Collahuasi copper mine agrees to labor deal, strike threat averted - source

10/09/2020 | 02:58pm EDT

SANTIAGO, Oct 9 (Reuters) - Management and the union at Chile´s Collahuasi copper mine have come to an agreement in labor talks, staving off the threat of a strike at the sprawling deposit, a source with knowledge of the discussions told Reuters on Friday.

The talks at Collahuasi - a partnership between Glencore and Anglo American with Japanese firms - were widely seen as the most sensitive of 2020 in top copper producer Chile, both because of the size of the union involved and the mine´s importance to the country´s total output.

"There is a good atmosphere... the issue has been settled," the source, who requested anonymity because the talks are confidential, told Reuters.

He added that the deal would "surely" be announced ahead of the legal deadline for the negotiations of Oct. 30 and that the new contract would take effect November 1.

Copper prices have been supported recently by concern about potential strikes in Chile.

A union of workers at Lundin Mining´s much smaller Candelaria copper mine in Chile walked off the job on Thursday after talks broke down earlier this week. BHP´s Escondida copper mine, the world´s largest, is also looking to cement a deal with a union of supervisors.

Collahuasi is one of Chile´s largest mines. It produced 565,400 tonnes of copper in 2019. (Reporting by Fabian Cambero; Writing by Dave Sherwood Editing by Sonya Hepinstall)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
GLENCORE PLC -1.23% 317.05 Delayed Quote.37.77%
GOLD 0.11% 1860.51 Delayed Quote.-1.64%
SILVER 0.08% 27.688 Delayed Quote.5.76%
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Financials (USD)
Sales 2021 209 B - -
Net income 2021 6 426 M - -
Net Debt 2021 30 331 M - -
P/E ratio 2021 9,13x
Yield 2021 3,76%
Capitalization 59 856 M 59 952 M -
EV / Sales 2021 0,43x
EV / Sales 2022 0,39x
Nbr of Employees 87 822
Free-Float 75,6%
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Ivan Glasenberg Chief Executive Officer & Executive Director
Gary Nagle Chief Executive Officer-Elect
Steven F. Kalmin Chief Financial Officer
Anthony Bryan Hayward Independent Non-Executive Chairman
Patrice E. Merrin Independent Non-Executive Director
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