On Friday, Chile’s state-owned Codelco, the largest global copper producer, announced the successful negotiation of a new contract with the union representing supervisors in its Chuquicamata division.
The agreement, impacting 658 individuals, incorporates incentives tied to goal achievement and enhanced productivity, according to the company’s statement. While the financial details remain undisclosed, the contract spans 36 months, commencing on April 1.
Codelco expresses gratitude for the constructive dialogue and the mutual understanding of the challenges faced by the company, particularly at Chuquicamata. The company has grappled with a significant decline in production attributed to operational issues, adverse weather conditions, and delays in multi-million dollar projects.
Situated in northern Chile, Chuquicamata yielded 268,348 metric tons of copper in 2022. The transition from open-pit to underground mining is a key structural initiative aimed at addressing the decline in ore grades across the country.
