Strike ends at Anglo American Los Bronces mine in Chile
Striking miners began returning to work at Anglo American’s (LON:AAL) flagship Los Bronces copper mine in Chile on Friday, after two unions accepted the latest wage offer presented by management.
Hennie Faul, Anglo American's copper business boss, told the newspaper the wage deal would allow the firm to secure a new collective contract valid through 2020.
Los Bronces, Anglo American’s flagship operation, is expected to produce between 600,000 and 630,000 tonnes of copper this year.
The executive also noted the offer accepted was the same workers had initially rejected before going on strike, including a bonus of around $13,000 per worker.
Copper is Anglo American’s second-largest contributor to profit after iron ore, and its Chilean division alone — dubbed Anglo American Sur — is expected to produce between 600,000 and 630,000 tonnes of the red metal this year.
Los Bronces is Anglo American Sur complex’s biggest mine, producing 437,800 tonnes of copper last year, out of top copper exporter Chile's total 5.76 million tonnes.
Anglo owns 50.1% of the operation. Chilean state miner Codelco and Japanese trading houses Mitsui & Co. and Mitsubishi Corp. also have stakes in the operation.
Los Bronces, perched 3,500 meters high up in the Andes 65km north-east of capital Santiago, is also one of the few Anglo still has in Chile. Last year, the London-listed miner completed the $300 million sale of its 100%-owned Mantos Blancos and Mantoverde copper mines in northern Chile and announced intentions to also sell El Soldado mine and the Chagres smelter.