SANTIAGO, Mar 31 (Reuters) – Workers at Chilean state-owned Codelco’s Radomiro Tomic copper mine on Wednesday accepted an offer for a new collective contract, ending a risk of a strike at the site, the union told Reuters.

While the option of suspension received 263 votes, 258 affiliates favored the offer, in a vote where only 77.8% of the partners participated.

“Given that the absolute majority was not met to make the strike effective, which implied 336 votes (50% + 1), the last offer from the employer is accepted,” the union said in a statement.

The new collective contract will be valid for 36 months and will take effect from April 1.

“As has happened in previous negotiations at Codelco, the agreement considers a 0% readjustment,” as well as a bonus for the equivalent term of negotiation of about $ 5,800 per worker, Codelco detailed in a statement.

The proposal includes other incentives associated with production, the company added.

The negotiation closes at a time when copper prices remain at a decade high due to the best recovery prospects after the impact of the coronavirus pandemic.

Codelco has held successful negotiations with no salary adjustment and low final payments in an effort to contain costs while advancing an ambitious, multi-million dollar investment plan for the next decade.

Radomiro Tomic is the third largest of the state company and produced 261,000 tons of copper in 2020.

(Report by Fabián Andrés Cambero)

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