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Maykel Ocayo, president of Sierra Gorda's 520-member Union 1, told Reuters in a message that workers had voted on Saturday in favour of accepting an offer from the company with a roughly two-thirds majority. He did not give details about the deal.
The union threatened strike action in mid-March after rejecting an earlier offer from the miner. The two sides agreed to extend contract talks last week.
Sierra Gorda produced 101,900 tonnes of Chile's 5.8 million-tonne total copper output last year.