SANTIAGO - Chile's State-owned Codelco, the world's largest copper producer, said on Friday it had reached an agreement on a new contract with the union representing supervisors in its Chuquicamata division.
The deal affects 658 people and includes incentives associated with meeting goals and improving productivity, the company said in a statement. It did not specify the financial details of the contract, but said it runs for 36 months starting on April 1.
"Codelco appreciates and values the dialogue and shared vision of the reality experienced by the company and, in particular, Chuquicamata," said the company, which has faced a historic drop in production due to operational problems, adverse weather and a delay in multi-million dollar projects.
Chuquicamata, which is located in northern Chile, produced 268,348 metric tons of copper in 2022. It is moving from open-pit mining to underground mining, one of the structural projects designed to counteract a drop in ore grades around the country.