LatinNews Daily - 19 August 2024

*The Sindicato Escondida 1 (SE1) workers’ union at Chile’s Escondida copper mine has reached an agreement with the mine’s owner, Australian-headquartered BHP, to end strike action that began last week. The new three-year labour contract includes initiatives to optimise shift changes, increase the use of equipment, and comply with the new 40-hour working week law, which was introduced in April and sees the maximum working week reduced from 45 to 40 hours over a five-year period. In a statement, SE1 said the result of the negotiations was “extremely satisfactory”, noting that it included provisions for a fair pension, health insurance, improved education, and “the highly important extension of benefits” for workers. It noted that each worker would receive Cl$33m (US$35,178) in bonuses and loans as a result of the agreement. Escondida is the world’s largest copper mine. A lengthy strike at the mine in 2017 led to significant losses for BHP and had a major impact on copper production.