Global mining conglomerate BHP has extended its final offer to striking workers at its Escondida mine in Chile. A resolution to the strike could improve primary copper flows in a market where demand has outpaced supply.
The contents of the memo are confidential though BHP hinted to the media on Jul 27 that there are a few improvements and inclusions from the existing contract. BHP may have incorporated monetary benefits like performance bonuses, worker wellness, health packages, and even and career growth opportunities, per media reports.
BHP’s new offer is valid until Aug 1 and the workers’ union has to put it to vote before then. The nearly three-month-old strike has seen a slew of discussions and one failed offer in May this year until now.
Global copper markets are awaiting more information on the outcome following a trickle-down effect of the strike as the London Metal Exchange climbed 0.7pc to $9,987/mt on May 26.