Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Workers’ Union at Chile’s Collahuasi mine reached an early agreement with the mine management and decide against going on a strike. Collahuasi is the second largest copper mine in the world with an annual output of 565,000mt in 2019.


Collahuasi mine is located in northern Chile and is owned by a partnership between Glencore (44pc) and Anglo American (44pc) and 12pc stake is held by a Japanese consortium. Collahuasi’s copper deposits of 10,380mn mt is among the largest in the world. The mine employs more than 5,000 workers. The company’s union size is 1,444, which is significantly larger than other miner’s unions operating in Chile. A deal with Collahuasi’s Union is positive for the Chile’s copper industry. 


Chile’s copper production dropped by 6.1pc to 481,7000mt in August from a year ago amid lower output by leading players BHP, Anglo and Spence. However, Codelco increased production at Collahuasi mine by 18pc to 60,000mt from prior August.


Copper prices in the international market rose amid fear of labour action at leading mines in Chile. At the world’s leading copper mine, BHP’s Escondida, Chile, supervisors rejected the company’s wage offer on Friday, but have continued negotiations to avoid a strike. Escondida mine complex produced 1,158,000mt in 2019.


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