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Energy

Chile's Codelco reaches advanced labor deal with two small unions at El Teniente mine

FILE PHOTO: The logo of Codelco, the world's largest copper producer, is seen at their headquarters in downtown Santiago, Chile March 29, 2018. REUTERS/Ivan Alvarado/File Photo

SANTIAGO (Reuters) - Chile’s state-owned Codelco, the world’s largest copper producer, said on Tuesday it had reached advanced contract agreements with two small unions at its sprawling El Teniente mine.

The 36-month deal with the San Lorenzo and No. 7 El Teniente unions includes bonuses worth about $ 4,600, the company said. Salaries are to remain unchanged.

Codelco praised the agreement as prudent given the challenges faced by the industry, including falling ore grades and the fall-out from the still lingering coronavirus pandemic.

Codelco largely maintained production amid the outbreak by reducing staff, adjusting schedules and temporarily shelving projects at the pandemic’s peak.

Reporting by Fabian Cambero, writing by Dave Sherwood; Editing by Marguerita Choy

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