CHILE – BHP
has averted a strike at the world’s largest copper mine, Escondida. A deal has been struck between the operator and the union representing most of the workforce. The terms of the offer will now go to union members for a vote.
[caption id="attachment_1003724384" align="alignright" width="351"] A strike has been avoided at the world’s largest mine. (Image: Gerry Images)
The deal followed six days of government mediation between the two sides. No details have yet been made public.
With production expected to resume, the near-term price for copper appears to be bottoming out, according to many analysts. On Thursday afternoon copper was trading at about US$2.685 per lb. The long term price outlook is better. There have been few new copper discoveries in the past 10 years, meaning that eventually demand will outstrip supply.