Escondida, the world's largest copper mine, said on Tuesday talks with workers in their fourth week of a strike have been completely frozen and denied union reports of informal discussions. The two sides are trying to build a new salary and benefits package at a time when copper prices are five times what they were when they signed their 2003 contract. As the union demands giant bonuses linked to billion-dollar profits at the company, Escondida looks to protect itself from a cyclical downturn in prices for the red metal.
See "Chile's Escondida says no talks with workers", Reuters, Reuters, August 29, 2006