- The union representing workers at BHP's La Escondida copper mine in Chile said over the weekend that its members voted overwhelmingly to reject the company's most recent contract and go on strike.
- Escondida, located in Chile's northern Atacama Desert, is the world's largest copper mine, producing nearly 5% of the world's supply.
- A strike is not a certainty, as labor laws in Chile give management the option to utilize at least five days of government mediation before a strike can begin.
- Three-month copper (HG1:COM) on the London Metal Exchange recently traded +0.6% to $9,782/metric ton after falling 1% on Friday.
- ETFs: COPX, CPER, JJCTF, JJC
- The terms of BHP's offer have not been released, but the union has said it wants an additional bonus as recognition of sacrifices made by workers, especially during the pandemic.