In a statement, the company said Union No. 1 informed the company about the approval of the agreement reached in the mediation process. With this ratification, the company then proceeded to sign a new collective bargaining agreement. The agreement was reached within the framework of a mediation arbitrated by the Chilean directorate of labor. The workers initially had asked for a $34,000 bonus per worker and a 5% wage increase.

The unionized workers said they have managed to keep all their benefits and have been able to move forward on long-delayed issues. They also said the agreement provides security for their current health system and housing plan. Only those workers who are unionized will receive the end-of-strike bonus, as stipulated in the new Chilean labor law.

Escondida produces almost 1 million metric tons of copper per year, and, together with BHP’s Spence and Cerro Colorado, have increased their overall production by 44%.