Chile's Chuquicamata copper mine operations halved amid strike: Codelco | Metals Mine

  • Chile's Chuquicamata copper mine operations halved amid strike: Codelco

    From reuters.com

    Chile's Codelco said on Monday that its Chuquicamata copper mine, one of the world´s largest, had maintained output at 50% of capacity as it faced its fourth full day of a union strike. More than 3,000 unionized workers at the world's top copper producer's sprawling Chuquicamata copper mine walked off the job last week after failing to reach a labor deal earlier this week with Codelco. Chile's state-run miner said it has scrambled to put to work some 1,400 miners, most of whom pertain to unions which earlier struck contract deals with the company and had opted not joined the strike. "For now we are maintaining ... (full story)

Comment Options
EventsTrader
Jun 17, 2019 4:41pm
Permalink
Chuquicamata is the world's largest open pit copper mine. Codelco has been trying to convert to an underground facility. If this drags on, I'd look for copper prices to start appreciating.
Reply
EF5
Jun 17, 2019 11:45pm
Permalink
Quoting EventsTrader
Chuquicamata is the world's largest open pit copper mine. Codelco has been trying to convert to an underground facility. If this drags on, I'd look for copper prices to start appreciating.
Yep, I agree too. Between this and a possible US-China trade deal we might be looking at a very bullish confluence of events.
Reply
bulltrap
Jun 17, 2019 5:08pm
Permalink
Quoting EventsTrader
Chuquicamata is the world's largest open pit copper mine. Codelco has been trying to convert to an underground facility. If this drags on, I'd look for copper prices to start appreciating.
Agreed, although it will have to buck a pretty strong down-trend.

In the more near term I'm long @ 2.6523 for several reasons. I don't like fighting the trend (and I rarely do) but I'm feeling a breakout from this level in the next 6 hours.
Reply
  • Story Stats