World's No. 1 copper producer says mine operating normally despite labour unrest.
Codelco Mining News
The deal, approved by 91.7 percent of the union, also included 1.1 percent salary increases, Codelco said.
The Vancouver-based miner submitted an application to expand to 300,000 hectares its land position at the Firminho project.
The 36-month contract was approved by 53% of the union.
Mine output fell 3 percent in the first nine months of the year as ore grades sharply declined, leading to a 12 percent drop in pretax profit.
Copper output in Chile, the world’s top producer of the metal, is expected to increase 4% in 2019 and continue to grow steadily during 2019 due to stronger performance from major mines, upgrades to existing operations, and lower risk of labour strikes.
Codelco reported declines across all of its mines in September as ore grades fell an average of 5% in the first nine months of the year.
Ecuador is being hailed as the biggest potential new source of supply of the metal used in renewable energy.
The Rajo Inca project would convert the existing asset, which has been in operation since 1959 and is due to run out of ore in 2021, to an open pit mine from an underground one.
World warehouse stocks are dropping, down 50% since the first of April.
The copper market is currently experiencing a squeeze on physical metal which is unexpected.
Chile's Codelco is in the midst of upgrading its smelter at Chuquicamata, its second largest operation by size, to comply with stricter emissions standards coming in effect in December.
Chinese copper demand has been so strong in the past few months that top producer Codelco has almost sold out of supplies for next year, well ahead of schedule.
Chuquicamata, the company’s second largest copper operation by size, is expected to transition to underground block cave mining by mid-2019.
More than 80 unionized workers of the Plantas de Andina union went on strike a week ago.
Four of the five labor unions representing workers at the El Teniente copper mine in Chile have accepted the latest contract offer from state mining company Codelco.
The $4.9 billion-investment is part of Codelco’s 10-year, $39 billion overhaul of its core mines.
Mining companies around the globe are joining an industrywide push for gender equality and launching initiatives to increase the proportion of women working in mine pits, smelters and refineries.
Workers have downed tools and blocked access to the mine in protest of the "unjustified layoff" of two colleagues.
The ongoing trade war between the United States and China has forced the Chilean Copper Commission (Cochilco) to revise downwards its average copper price prediction by $0.06 per pound to $3.
A common target for the thieves is Antofagasta Plc’s logistics unit Grupo FCAB, which owns and operates about 700 kilometers of railway lines used to transport cathode and semi-processed copper.
Salar Blanco, which is 50 percent-owned by Lithium Power International, has dropped a lawsuit against Chile to block state-run Codelco from exploiting a lithium deposit where both have claims.
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.
The figure, though significant, is minor when taken in the context of Codelco’s $18 billion investment plan aimed at upgrading its aging mines and dealing with dwindling ore grades.
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.