BHP Billiton’s Escondida, in Chile, the world’s largest copper mine, will not be able to meet its contractual obligations on metals shipments after a two-day-old workers’ strike brought production to a standstill, a company spokesperson said on Friday.
Copper prices on the London Metal Exchange rose 4.5% to hit $6 083/t, its highest since June 2015, on market chatter that force majeure would be declared, meaning unavoidable circumstances would prevent the mine from fulfilling its contracts.
