Commodities
BHP's Escondida Mine Supervisors Vote 95% for Strike Amid Contract Dispute
Supervisors at BHP's Escondida copper mine in Chile have voted overwhelmingly for a strike after rejecting a collective contract offer. The vote, which carried by 95%, sets the stage for a potential work stoppage.
A mandatory five-day mediation will follow before any action is taken. This period allows for negotiations between management and workers to resolve outstanding issues.
Meanwhile, UBS has raised its long-term iron ore price forecast to $93 per ton, citing stronger demand outside of China and slower supply growth. The investment bank also boosted its target price for BHP's ADR (BHP) from $59 to $61, maintaining a Neutral rating.