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

BHP and workers at its Escondida mine in Chile have reached a provisional deal for a new contract, that will be submitted in two days for a vote from the union. 


This agreement will ease labor tensions, following Caserones mine employees’ decision to walk off the job after unfavorable conversations with management. Following the announcement of the deal on Wednesday, copper prices eased as concerns that the Escondida union would call a strike abated.


The Escondida mine is estimated to produce between 1.01mn mt and 1.06n mt of copper in the 2021 fiscal year, equal to more than 5pc of the global total primary copper production. 

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