Investors found no solace in traditional safe haven gold with the precious metal setting a one-and-a-half year low.
BHP Mining News
After a near 5% drop on Wednesday, news that a strike had been averted at the world's largest copper mine put a cap on hopes of a recovery for the bellwether metal.
It will avert its planned strike to consult members about a renewed proposal for a new labor contract from operator BHP .
Called off strike at world's largest copper mine adds to pressure on copper price now down nearly 20% in little over two months.
Copper bears could get caught wrong-footed as a strike looms at the world’s biggest mine.
Samarco, a joint venture of Vale SA and BHP Billiton, expects to obtain next year all licenses needed to resume operations.
Samarco expects to obtain next year all licenses needed to resume operations suspended after the 2015 environmental disaster.
The union at the world's biggest copper mine told the company it should prove its willingness to negotiate by Monday morning.
BHP said final wage offer rejected on Thursday was "best collective labor contract at a private mine in the country."
BHP Billiton last week agreed to sell its U.S. shale oil and gas assets for $10.5 billion, while Rio Tinto appears on track to exit its troubled investment in the giant Grasberg copper and gold mine in Indonesia for about $3.5 billion.
Union members have until Wednesday to finish voting on the company's proposal.
The vote began on Saturday and will continue through the middle of next week.
A unit of British oil major BP PLC will acquire BHP's unit which holds the Eagle Ford, Haynesville and Permian assets for $10.5 billion.
BHP has offer workers a signing on bonus of $27,000, up from an earlier offer of $23,000, plus a 1.5% salary increase, but still well under the bonus up to $43,000 and 5% increase demanded by Escondida’s union.
Law firm leading the action says it has more than 3,000 investors signed up to pursue the miner for losses.
Labor negotiations at Chile's Escondida copper mine, the world's largest, are frozen without signs of progress.
From the $939bn invested in major projects between 2008 and 2017, the world’s top 40 mining companies by market cap. wrote-off $273bn or 29% of the initial capital outlay.
Shares in the miner jumped more than 3% after both quarterly and full-year production rose 3% on improved productivity.
Nobody who owns a copper mine wants to give it up. Even when Glencore and Anglo American Plc were crippled by debt during the 2015 commodity slump, neither was willing to entertain an offer from Rio for their holdings in the giant Collahuasi deposit in Chile.
Labor negotiations are entering into the final three weeks before a 30-month contract expires at the end of July.
From the 32 contracts set to expire in 2018 at Chilean mines, there still are more than a dozen to be negotiated before year-end.
A German battery plant could help ease an expected negative impact in the workforce employed by the local automotive industry.
Copper bears drop price 11% in 3 weeks, but new report shows labour contracts still up for renewal threaten 3 million tonnes of production just in Chile.
BHP says it has not received any formal communication regarding the legal actions.
The world's top miner is said to have hired Goldman Sachs to assist with the sale of the Western Australia-based nickel operation.