<article><p class="lead">Workers at another union at Chilean copper producer Codelco's Andina mine went on strike at 8am local time (12:00 GMT) yesterday, following the Unified Workers' Union and Industrial Union of Labour Integration <a target="_blank" href="https://metals.argusmedia.com/newsandanalysis/article/2243605">stopping work</a> on 12 August. </p><p>Members of the three unions total more than 1,300, according to data compiled by Chile's mining association Consejo Minero. </p><p>Government-mediated talks between the third union Suplant and Codelco broke down. Codelco said it regrets workers voting to go on strike and reiterated that the "latest offer [which] represents the maximum effort of Codelco's administration according to the complex moment the division is experiencing."</p><p>Codelco, as a state-owned company, said that it is "essential to comply with the commitments and contributions that Chileans expect from Codelco," especially during the Covid-19 pandemic. The company posted a tenfold increase in its profitability at $3.8bn during January-June compared with a year earlier, driven by the price surge for copper cathode and concentrates, with workers expecting to benefit from the company's results. </p><p>The company's 2020 output, including copper cathode and concentrates, rose by 1.9pc from a year earlier to 1.618mn t. </p><p>Copper prices on the London Metals Exchange rose consistently to a multi-year high of $10,747/t on 14 May from $7,784/t at the beginning of this year and closed the first half at $9,435/t. Prices had fallen to a multi-year low of $4,371/t on 20 March 2020 as the pandemic took hold from a high of $6,343/t on the first trading day of 2020 on 8 January. They then rebounded to $5,943/t on 26 June 2020. </p><p>Copper concentrates treatment and refining charges (TC/RCs), fees paid to smelters by mining firms to process copper concentrates into copper cathode, dropped to a record low of $20s/t in April because of China's demand recovery and supply disruptions outside of China.</p><p>Argus' weekly <a target="_blank" href="https://metals.argusmedia.com/newsandanalysis/article/2244023">TC/RCs index rose</a> to $58.70/t and 5.87¢/Ib on 13 August from $58.30/t and 5.83¢/Ib a week earlier, as another strike threat eased at BHP's Escondida mine in Chile and spot purchases from China slowed.</p></article>
