Codelco reaches wage deal with workers at Radomiro Tomic copper mine

Chilean copper producer Codelco has reached an agreement with unionized workers at its Radomiro Tomic division for a new labor contract, thereby avoiding the risk of a strike action.

Nearly 70% of the voting workers approved the company’s latest wage offer, which proposes a 1% real pay rise and a net end-of-negotiations bonus of 8.75 million Chilean pesos ($14,496), the state-owned miner said on Friday April 6.

The new contract, which is valid for 36 months, also includes improved benefits and an annual productivity incentive.

Located in northern Chile, in the region of Calama, Radomiro Tomic produced 319,000 tonnes of copper in 2017.

Codelco still has a series of labor negotiations scheduled for this year.

Last month, Antofagasta reached a deal with workers at its Los Pelambres mine in Chile for a new collective bargaining agreement, putting an end to a threat of strike action at the mine.

What to read next
Roughly 40,000 tonnes per month of copper cathode that once flowed smoothly into the United Arab Emirates (UAE) through Jebel Ali had few options to reroute after the Strait of Hormuz officially closed on Monday March 2, with the only alternative entry points — Khor Fakkan and Fujairah — already straining under the weight of diverted cargo, market sources told Fastmarkets.
Navigating market volatility with data-driven strategies for resilient mining operations
The publication of several of Fastmarkets' copper concentrates indices was delayed on Friday February 27 because of a technical error. Fastmarkets' pricing database has been updated.
Discover how fear, deglobalization and AI are transforming the copper market. Insights from the Fast Forward podcast's interview with David Lilley of Drakewood Capital.
Fastmarkets has corrected its MB-BX-0016 Bauxite, cif China, price assessment, which was published incorrectly on Friday February 20.
Fastmarkets invited feedback from the industry on the pricing methodology for its non-ferrous materials and industrial minerals prices, via an open consultation process between January 6 and February 6. This consultation was done as part of our published annual methodology review process.