Strike threatens to halt output at BHP Escondida copper mine http://www.theaustralian.com.au/bus...e/news-story/8ca6376457f9e9d3b8d0d1a21cb74317
Talks to avoid a strike at BHP Billiton’s Escondida mine in Chile have broken down, paving the way for industrial action to begin on Thursday and placing the miner’s copper guidance in extreme doubt.
Escondida, the world’s largest copper mine, is operated by BHP (BHP), which holds a 57.5 per cent position, while fellow mining giant Rio Tinto holds much of the remainder with a 30 per cent stake.
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The halt to production at a mine that produces over 5 per cent of global supply has the potential to drive already surging copper prices higher.
The red metal has seen its price rise by around 26 per cent in three months, boosted by the election of US President Donald Trump and the prospect of supply curbs at the giant Escondida and Grasberg mines.
The latter mine — the world’s second largest — is facing an uncertain future given the export policies of the Indonesian government.
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