yolowire.com - A labour strike has ended at the world’s largest Copper mine, paving the way for renewed production of the industrial metal.
Australian mining giant BHPGroup (NYSE: BHP) has announced that it has reached a new collective agreement with the union representing workers at Chile's Escondida copper mine, which is the largest such mine in the world.
The deal effectively ends a strike that analysts said was threatening global supplies of the red metal that is widely used in electronic devices and motor vehicles.
The new three-year labour pact includes changes to working conditions, including adherence to a 40-hour work week, said BHP in its news release.
The workers’ union had gone on strike August 13 over issues such as pay and safety. The Reuters news agency is reporting that employees have now returned to work at the mine.
BHP's news release had scant details of the deal reached with the union, which must now be ratified in membership vote.
The price of copper is currently trading at $9,211 U.S. per tonne.
BHP’s stock has declined 21% this year to trade at $53.83 U.S. per share.