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Released August 07, 2024 | SUGAR LAND
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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Reuters reported on August 5 that BHP Group Limited (Melbourne, Australia) is seeking government help to resolve labor issues with its workers at the world's largest copper mine.
Reuters reported that BHP has asked the Chilean government to mediate with the Escondida mine labor union. The news follows the rejection of BHP's contractual offer by syndicate #1 of Escondida's mine with 99.75% of the votes.
As a result, the labor union has threatened to strike, a move that BHP wants to avoid through the government's mediation.
Based on Reuters information, by Monday, August 5, the mine was operating normally.
The Escondida mine is the world's largest copper mine. The asset is owned by BHP (57.5%), Rio Tinto (NYSE:RIO) (London, England) (30%), and Japanese joint venture JECO Corporation (12.5%). Last year, the mine produced 1.05 million tons of copper.
Between February and March 2017, workers at the Escondida mine went on a 44-day strike that impacted the companies' finances and the world's copper output. Therefore, labor disputes at the asset are not uncommon, but could have a big impact on the market.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
Reuters reported that BHP has asked the Chilean government to mediate with the Escondida mine labor union. The news follows the rejection of BHP's contractual offer by syndicate #1 of Escondida's mine with 99.75% of the votes.
As a result, the labor union has threatened to strike, a move that BHP wants to avoid through the government's mediation.
Based on Reuters information, by Monday, August 5, the mine was operating normally.
The Escondida mine is the world's largest copper mine. The asset is owned by BHP (57.5%), Rio Tinto (NYSE:RIO) (London, England) (30%), and Japanese joint venture JECO Corporation (12.5%). Last year, the mine produced 1.05 million tons of copper.
Between February and March 2017, workers at the Escondida mine went on a 44-day strike that impacted the companies' finances and the world's copper output. Therefore, labor disputes at the asset are not uncommon, but could have a big impact on the market.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
