PRESS RELEASE

Codelco Salvador achieves agreement with workers' union

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Wednesday, July 25, 2018

This press release was published using a machine translation system.

By Codelco .

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El Salvador, July 24, 2018.- Salvador Division of Codelco informs that it closed in advance its collective negotiation process with the workers union N° 2 Potrerillos, after the signing of a new agreement that will be valid for the next 36 months from next November.

The union approved the agreement that considers a readjustment of 1% of the base salary, an anticipated collective bargaining closing amount of 5,975,019 Chilean pesos; a loan of 1,800,000 Chilean pesos, discounted in 36 months, and the improvement of noble benefits and variable incentives associated with the achievement of productivity goals.

The agreement follows the guidelines applied in the last negotiations of Codelco, based on the principle of good faith of both parties, whose result responds to the efforts made by the company to maintain its competitiveness and continue to deliver surpluses to the State.

With this last agreement, Salvador Division manages to close all its union negotiations in 2018 in advance.