BHP (NYSE:BHP) has successfully negotiated a new deal with the union at Chile’s Escondida copper mine. This agreement comes after a brief but impactful strike that began over a pay dispute. The union demanded a bonus equivalent to 1% of shareholder dividends—around $35,000 per worker at the largest copper mine in the world.
BHP initially offered $28,900, but as tensions escalated, the company upped the offer to around $32,000 and an additional $2,000 in soft loans. The new deal includes key changes to labor conditions, such as optimizing shift changes, increasing equipment utilization, and complying with the Chilean 40-hour workweek law.
Copper prices had spiked during the strike but fell by 0.7% to $9,081 per metric ton once the agreement was announced. The price remains far below ...
