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As Escondida triples profit, union lowers wage demands

As the world's largest copper mine reported its profits had tripled to $2.9 billion during the first six months of this year, the union representing more than 2,000 striking Escondida workers Wednesday lowered their salary demands and paid a visit to Chile's Congress.

While BHP Billiton said it was losing up to $16 million a day in net profit during the strike, Escondida reported paying $1.098 billion in taxes to the Chilean government. The mine produces 3,500 tonnes of copper daily, for 8% of the world's output. The joint venture's operator BHP Billiton declared force majeure earlier this week in the delivery of copper concentrates and halted cathode production.

Quoting union secretary Pedro Marin Wednesday, Reuters reported that Escondida agreed only to reinstate existing bonuses and there was no agreement on a raise or a new bonus. The union has demanded a special bonus of about $30,000 per miner. Marin said workers have dropped their demand for a 13% raise, and are, instead, demanding a 10% salary increase.

Meanwhile, 300 striking Escondida miners brought their demands to the Chilean Congress Wednesday. Union leaders planned to meet with the Labor and Agriculture Committees of both houses of Congress to ask for changes in the nation's laws governing labor law and union activity, according to Prensa Latin. Protestors were also scheduled to assemble before the executive headquarters of Chile's President Michelle Bachelet.

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