Santiago — Workers at the world’s most productive copper mine, BHP Billiton’s Escondida in Chile, launched what they vowed would be a "long, hard" strike on Thursday, causing jitters on world commodity markets. Escondida is the first of several key mines worldwide where contracts expire this year, and markets are watching nervously to see how the strike impacts supply and prices. "The company is sticking to its inflexible stance. This will be a tough fight. We’re ready to hold out as long as it takes," said Carlos Allendes, spokesman for the Escondida miners’ union. BHP Billiton, one of the world’s leading mining consortiums, has rejected workers’ demands for a 7% raise and bonuses of 25-million pesos (about $39,000). It is offering bonuses of 8-million pesos and no raise. Like other miners, the Anglo-Australian company has had to cut costs as copper prices slid in recent years, from a record high of $10,190 per metric ton in February 2011 to $4,318 per ton in January 2016, to just ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.