Codelco Finalizes Early Union Agreements at El Teniente and Ministro Hales, Reports Reuters

SANTIAGO (Reuters) – Chile’s state miner Codelco announced on Wednesday that it has successfully reached early contract agreements with unions at its major El Teniente complex and the Ministro Hales division.

Recent negotiations at Chilean copper mines have drawn significant attention from analysts and investors, particularly following a strike at BHP’s Escondida mine last month, the largest copper mine in the world, which resulted in heightened bonuses for workers.

The agreements at El Teniente, which is one of Codelco’s largest operations, involve discussions with five unions representing nearly 3,150 workers. The new contract will take effect on November 1 and will remain in place until 2027.

Andres Music, the general manager of El Teniente, remarked that the deal is set to introduce new labor practices aimed at enhancing the company’s productivity.

Codelco expressed appreciation for the constructive atmosphere that characterized the negotiations, emphasizing their commitment to balancing business needs, safety, and the interests of their workers through incentives and benefits.

In the Ministro Hales division, which produced 126,000 metric tons of copper last year, a new three-year contract will commence in December. However, Codelco has not disclosed the specific terms for contracts at either mining site.