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BHP reaches handle Escondida union in Chile to halt strike

A threeday strike at BHP's. massive Escondida copper mine in Chile was halted on Friday. after management and a large union reached an offer, the miner. stated, easing concerns about a hit to worldwide products of the. metal.

The union, which represents about 2,400 individuals, began. striking on Tuesday at Escondida, the world's biggest copper. mine, after stopping working to reach an offer over pay.

BHP stated the 2 sides reached a contract after resuming. talks.

BHP and Union No. 1 have actually come to an agreement for a. cumulative agreement proposition. Together with that, it was agreed to. suspend the strike underway as of this Friday, Aug. 16 at 8. a.m., BHP stated.

The union declined to comment.

Under common treatment, union leadership will consult with. members to discuss the proposition and seek approval. If the union. relocations ahead, the deal might be signed on Sunday.

A main sticking point for settlements was a union. need for 1% of shareholder dividends for the mine, or about. $ 35,000 per worker. The business had provided a bonus of $28,900. before talks broke down.

Copper prices fell after the news and were last. down 0.7% at $9,081 per metric lot. The metal, used in power and. building, is still on track for the very first weekly gain in six. weeks - of 2.4% - as the strike had sparked concerns about. supply interruptions.

(source: Reuters)