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BHP reaches tentative agreement with union at its Escondida Mine

August 11, 2021

BHP Group and the union representing workers at the Escondida copper mine in Chile reached a tentative agreement for a new contract on Aug. 11. The union said it will take two more days to submit the contract for a vote by workers, but the progress helped ease fears of a large copper supply disruption caused by a strike at the mine.

Copper prices fell on the news of the agreement at the world’s biggest copper mine.

Reuters reported that three-month copper on the London Metal Exchange eased 0.4 percent to $9,485.50/t on Aug. 10, while the most-traded September copper contract on the Shanghai Futures Exchange tracked overnight gains in London to rise 0.8 percent to 69,810 yuan ($10,770.82)/t.

 

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