Chile's Mantoverde makes workers new offer as strike continues

By Fabian Cambero

SANTIAGO, Jan 28 (Reuters) - Capstone Copper's CS.TO Mantoverde copper and gold mine in northern Chile said on Wednesday it presented a new contract offer to workers in a bid to end a strike that began in early January, after talks over new labor contracts broke down.

The offer, which the union says is worse than a previous proposal, includes paying out the equivalent of $17,400 per worker, the company said.

Members of Union 2 have been on strike since January 2 after formal negotiations broke down. The dispute has shown little signs of progress following the occupation of the mine's desalination plant by a group of striking workers more than 10 days ago.

"This Wednesday, the company presented its new, finalized offer as a gesture of good faith to end the dispute," the mining company, owned by Canada's Capstone Copper, said in a statement.

The company said the proposal also includes a 1% wage increase, along with other benefits, and called for "the immediate restoration of control over its facilities and the end of the blockade."

The union said in a statement that the new proposal "represents a significant step backward" from a proposal made on January 8, both in permanent conditions and the termination bonus.

It added that the proposal will be presented to union members on Thursday and a vote will be held within the next five days.

In 2025, Mantoverde produced 62,308 tons of copper sulfide concentrate and 32,807 tons of copper cathodes, accounting for about 0.4% of global copper production.

The work stoppage comes at a time when copper markets are highly sensitive to potential supply disruptions, with prices at record highs amid expectations of strong future demand.