This is likely to be good news for copper prices. With the copper market, one is never completely sure what’s going on, but this should remove one source of volatility at least in the copper market.
Chilean miners voted to end their 25-day-old strike for higher pay at La Escondida, the world’s largest copper mine, a top union official announced.
In a secret ballot that lasted more than six hours, the workers accepted the union leaders’ contract agreement with the executives of the mine[…].
On a 1,607-121 vote, with one blank ballot, workers agreed to return to work, Pedro Marin, the union secretary and spokesman, said.
The new contract will be signed Friday and provides for a five percent wage increase and a 16,600-dollar signing bonus for the 2,052 miners.