Workers at the World’s Biggest Copper Mine Reject Offer in Readiness for Strike

Source: WSJ

Copper miners at La Escondida, the world’s largest plant in Chile, plan a strike after rejecting a new contract offer from BHP Group Ltd.

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• The union representing the workers at the mine facility say BHP’s offer had no performance-based compensation for keeping it operating during Covid-19.
• Miners now will need to endure an obligatory mediation of up to 10 days, as required by the government, prior to downing their tools.
• Analysts predict a further rise in copper prices if the strikes kick in, with the world already in supply constraints.
• La Escondida supplies about 5% of the copper in global markets. BHP owns a 58% stake in the copper mine, with Mitsubishi Corp. and Rio Tinto PLC the other stakeholders.