PRESS RELEASE

Codelco closes in advance collective bargaining with 4 El Teniente unions

By
Friday, August 10, 2018

Press Release by Codelco

The El Teniente Division closed in advance the collective bargaining process with 4 workers' unions, Rol B, whose current agreement expired on October 31. These are the Caletones, El Teniente, Sindicato N ° 7 and Sindicato N ° 5 trade unions, which together make up 77% of the staff of this estate.

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By majority and in separate votes, these 4 unions accepted the proposal of the company that considers a readjustment of 1.5% in the basic salary, a Negotiation Term Bonus (BTN) of $ 9.5 million, a soft loan of $ 2.9 million. Likewise, it contemplates an agreement of productive practices and transformations, equivalent to $ 2.5 million, which incorporates concepts such as polyfunctionality, worker reconversion, dotational optimization and operational continuity.

For the period of validity of the agreement, which is 36 months - until 2021 - other incentives are established that will be paid only if productivity is increased, costs are lowered and production goals are exceeded, and therefore, the surplus delivery to the State by El Teniente, those that in the last 10 years reach US $ 15 billion.

The administration thanked the confidence and the dialogue with the workers and the union leadership and called to continue promoting the transformation of the division. This new collective instrument allows us to continue improving the competitiveness and productivity of El Teniente, which has increased by close to 30% in the last five years.

Codelco values ​​the closure in advance of the process and qualifies it as a sign of trust among the associates of the four El Teniente unions in the company, which total 2,800 workers, and a sign of responsibility, dialogue and joint work.

Only one of the five workers' unions Rol B of El Teniente, the Unified, rejected the company's proposal. Codelco regrets this decision and reaffirms that joint work is the only way to continue contributing surpluses to the State of Chile.

This press release was published in English using an automated translation system