Chile’s Codelco secures labor deal with unions at El Teniente copper complex

Chile’s state-owned copper producer Codelco has removed the threat of strike action by signing a final labor deal with the unions representing employees at its El Teniente division.

The new terms of the labor agreement will be in place until the end of 2024, the company said on Tuesday August 31.

Codelco had reached an agreement with the El Teniente and Caletones unions on August 28, but the deal now includes the No5, No7 and Mina Unificado unions.

Combined, the unions represent about 3,300 workers at the El Teniente complex, which includes underground and open-pit mines, the Caletones smelter and the Colón concentrator.

The company did not provide any further details about the deal.

Codelco has, meanwhile, continued to face strike action at its Andina mine since mid August and, elsewhere in Chile, workers downed tools at the JX Nippon Mining & Metals-owned Caserones mine.

El Teniente produced 443,220 tonnes of copper in 2020, while output at Andina was 184,437 tonnes, according to Codelco’s earnings report. Chile produced a total of 5.73 million tonnes of copper in 2020.

Spot treatment and refining charges (TC/RCs) from Asian smelters have been on the rise in recent weeks after touching an all-time low of $21.90 per tonne on April 9, amid recovering South American production and higher market liquidity.

Fastmarkets’ copper concentrates TC index, cif Asia Pacific was $57.90 per tonne on August 27, up 1.94% from $56.80 per tonne on August 20. The index hit a record low of $21.90 per tonne on April 9.

What to read next
Following a six-week consultation period, Fastmarkets can confirm it will amend the calculation method for all the average functions on the Fastmarkets platform from Wednesday March 1, 2023.
Consolidation, the recycling of electric vehicle batteries, US steel exports and the benefits of sustainable steelmaking were key talking points at Fastmarkets’ Scrap & Steel 2023 conference in Dallas in January
Green shoots of increased demand will emerge in US ferrous markets courtesy of the Biden administration’s trillion-dollar infrastructure package in 2023, Schnitzer’s executive vice president and chief strategy officer Richard Peach said at Fastmarkets’ Steel and Scrap Conference 2023 in Dallas, Texas
US special bar quality steel prices rose in January in line with rising scrap and alloy costs, according to market participants
European metal industry association Eurometaux has called on the European Commission to follow the lead shown by the Inflation Reduction Act and deliver a “powerful” policy to support the industry in the EU while it tries to keep up with the move to a new generation of energy markets
The fallout from Russia’s invasion of Ukraine is changing global trade flows for bauxite, with Brazilian material once again flowing into China and with the introduction of export restrictions elsewhere likely to influence availability through 2023
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.