Chile’s Compañía Minera del Pacífico (CMP), part of the CAP Group has finalized negotiations with labor parties and has resumed operations in the Huasco zone since Feb 17.
The company had, suspended its iron ore production in early February as reported by Davis Index on Feb 9. CMP reached an accord with the labor union on differences that had resulted in a blockage, which impeded access to the CMP mines and its docks at Port Las Losas (PLL).
The idled status resulted in a loss in production of about 2pc of the year’s anticipated output and a loss of $19mn after taxes with $5mn in direct expenses. CMP will attempt to regain the lost production for those weeks within 2021, it indicated in its statement. The PLL did not incur as many financial losses as the mining unit since only one vessel was within the location and others were directed to alternative destinations. Vessels in preparation for iron ore shipments are being scheduled back to normal programming.