Workers from the unions involved had rejected last weekend a proposal by the company.
Codelco Mining News
The state-owned copper miner said that since mining at the open-pit mine ends in 2020, which is when the underground section begins commercial operations, it will able to keep productive capacity unchanged.
The deal includes a signing bonus and other benefits that total $11,600 per worker, in addition to a salary raise of around 1%.
For decades, the National Copper Corporation gave away expensive gold watches to workers that have been with the company for over 30 years.
More than 8,000 tonnes of ore have already been extracted since early April.
According to the Responsible Mining Foundation, most of the companies assessed show little or no evidence of efforts to strengthen the gender balance of their leadership and governance teams.
Codelco is undergoing a 10-year, $40 billion overhaul of its aging mines, including efficiency upgrades to boost productivity and lower costs.
Codelco returns all of its profits to the state and is funded by a mix of capitalization and debt.
Demand for copper is expected to take off by the mid-2020s, but Chile is saddled with mines facing crippling declines in ore grades and a system that allows the bulk of its exploration concessions to sit idle.
Attempts to replace copper in a lithium-ion battery's anode with aluminum have failed so far, which bodes well for major copper miners.
Immersive Technologies has announced the winners of its Global Business Improvement Award 2018.
Pizarro said 18 labor negotiations at Codelco's mines affected its bottom line but that productivity increases kept costs in line with industry averages.
Output increase would position the mine, which produced 465,000 tonnes of the red metal in 2018, among the world's five largest copper operations.
SNC says it had recently updated Codelco on the status of the project, including what it called delays "that were the responsibility of Codelco."
The move is part of an aggressive transformation of the Chilean state-miner, which is looking at adding fresh technologies to revitalizing some of its century-old mines.
The Chilean state miner has terminated its contract with SNC-Lavalin at its Chuquicamata mine, accusing the engineering firm of failing to comply with work commitments.
The smelter has had its restart delayed because of issues related to Canadian construction firm SNC-Lavalin, contracted for the project.
According to Citigroup analysts, copper production will trail consumption by 116,000 metric tons this year, a second straight deficit.
The 982-million-tonne Llurimagua copper project is located in the Imbabura Province, about 80 km northeast of Ecuador's capital of Quito.
In the fourth quarter, total mining output increased 3.1% from the previous three-month period and 1.3% from a year ago.
Codelco will continue to develop its lithium assets, including committing $57 million for further exploration.
Codelco’s lithium projects, once thought a shoo-in to boost global supply and lower prices, have largely fallen off forecasts.
Operating costs are forecasted to be of $9.9 billion.
Codelco's second largest copper operation by size is expected to fully transition to underground block cave mining this year.
The wet season in the austral summer has caused havoc in northern Chile.