BHP Escondida mine supervisors' union urges rejection of contract offer, strike looms

By Reuters News

- Unionized supervisors at BHP's Escondida copper mine in Chile will urge members to reject the company's latest contract offer, paving the way for a strike at the world's largest copper mine, the union reported.

• BHP presented the offer at the end of Tuesday's session in the formal negotiation process, which will be voted on by union members on September 28-30.

• The union board unanimously rejected the latest offer claiming it "lacks essential elements," according to union leader Alexis Barrera.

• He called on union members to vote for a strike.

• If members vote to reject the offer, a mandatory five-day government mediation follows before a legal strike can begin, with the period extendable by five more days by mutual agreement.

• Workers have objected to provisions including task-based work requirements and a possible 14-14 day work/rest shift rotation during contingencies.

• Escondida said the offer "contains improvements and new benefits over the current collective agreement, which is already a leading instrument in the industry for the supervisors and staff segment."

• The new contract comes amid lower production levels, cost pressures and an investment plan to maintain future productive capacity, according to the company.

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.