Codelco reaches contract agreement with project unit employees

Chile’s state-owned miner Codelco, the world’s largest copper producer, said on Thursday it had reached a new collective bargaining agreement with the union in charge of developing some of its most important mines.

The new 36-month agreement with the workers from company’s projects unit affects some 620 employees and will come into effect on Dec. 1, Codelco said, without providing financial details of the new deal.

The unit runs the development of Codelco’s major projects designed to extend the life of its key mines, compensate for a drop in ore grades and boost production levels.

(By Fabian Cambero; Editing by David Evans)