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Codelco said it had reached a 36-month agreement that will not include salary adjustments, but will include a bonus of $4,980 for each union member, in addition to incentive targets.

The agreement was supported by 80% of union members, it said.

Labor groups have been seeking higher benefits in copper mines as metal prices have in the past year risen significantly. The negotiations are especially significantly in Chile, the world’s top producer of the red metal.

The Salvador mine produced 56,300 tonnes of copper in 2020.