Copper Tops $6,000 as Escondida Strike Vote Escalates Risks
- Stoppage at northern Chile mine could start as soon as Monday
- Citigroup has warned of strike risks after prices rallied
This article is for subscribers only.
Workers at BHP Billiton Ltd.’s Escondida copper mine in Chile voted against the company’s latest wage offer, opening the door for a strike and potentially heralding a wave of stoppages at global suppliers after a rally. Prices rose above $6,000 a metric ton in London.
Some 99 percent of members voted in favor of a strike, which could start on Monday, according to a statement from Union Number 1. Its 2,492 members represent about 95 percent of Escondida’s workers. The project is the world’s largest copper mine, and is forecast to produce about 1.1 million tons in the 12 months to June 30, according to BHP.