S&P: Minera Escondida unchanged

Standard & Poor's said that the ratings on Minera Escondida Ltda. (BBB+/stable) are not affected by the strike being carried out by about two-thirds of the company's employees.

The strike, which began on Aug. 7, affects about 60% of the company's production capacity of about 1.3 million tons per year, the agency said.

S&P added that it does not expect the strike to last long, given the incentives for both parties to reach an agreement in the short term.

In the meantime, Escondida is expected to keep posting sizable cash generation given current production levels and the continuing extraordinary high market prices for copper, the agency noted.

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