Capstone Copper employees at Mantoverde to go on strike

Executive Summary

• Union No. 2, representing approximately 50% of Mantoverde employees (22% of the total workforce), will initiate a strike effective January 2, 2026, following unsuccessful collective bargaining negotiations.
• Capstone Copper expects to maintain operations at Mantoverde at reduced capacity, specifically up to 30% of normal production levels, while gradually reducing certain activities in a safe manner.
• The company remains committed to legal procedures and constructive dialogue, noting that new three-year collective bargaining agreements were successfully negotiated with the other three unions during 2025.

Key Details

• Strike Details: Union No.2 will take strike action effective Jan. 2, 2026.
• Workforce Impact: Union No. 2 represents approximately 50% of Mantoverde employees, which equates to 22% of the total workforce.
• Production Impact: Operations will continue at up to 30% of normal production levels during the strike.
• Company Stance: Capstone Copper states it attempted to reach an agreement in good faith prior to the strike notice and remains willing to participate in meetings to resolve the dispute.
• Historical Context: New three-year collective bargaining agreements were negotiated with the other three unions during 2025.
• Operational Statistics: Mantoverde employs approximately 1,270 total employees (including ~550 from local Atacama communities) and ~1,670 contractors, totaling ~2,940 individuals.
• Financial Context: In 2024, Capstone distributed $682 million in economic value to Chile, including $136 million in employee wages and benefits.

Notable Quotes

• "During 2025, Mantoverde was able to negotiate new three-year collective bargaining agreements with the three other unions."
• "Capstone Copper remains willing to participate in meetings to reach a resolution, and will continue to adhere to legal procedures, respecting the rights of all its employees, inviting the union to engage in a constructive dialogue..."