Escondida Reaches Preliminary Deal, Rio Tinto Beats on Pilbara, and Glencore Lists in Australia

BHP and the Escondida supervisors' union reached a preliminary deal ahead of a strike deadline, pending a member vote. Rio Tinto's Pilbara shipments beat forecasts. Glencore debuted on the ASX, SSR Mining offered about US$464M for Roxmore, and Chile's copper supply risks kept copper near US$14,700 a tonne.

Show Notes

Escondida Reaches Preliminary Deal as a Strike Deadline Passes: First, Chile, where a strike at the world's largest copper mine was pulled back from the brink overnight. Reuters reports BHP and the supervisors' union at Escondida reached a preliminary agreement to avoid a strike, according to two sources familiar with the negotiations. The union, which has 1,020 members, had said it would walk out at 8 a.m. local time on Wednesday. Rio Tinto Beats on Pilbara Shipments as Oyu Tolgoi Copper Climbs: Next, Rio Tinto, which released its third-quarter operations review on Tuesday evening in London. Sharecast reports Pilbara iron ore shipments came in at 85.7 million tonnes for the quarter, up 2 percent from a year earlier and above analyst forecasts of 84.41 million tonnes. Shipments for the year so far stand at 243.4 million tonnes. Rio held its full-year guidance of 323 to 338 million tonnes and would need 79.6 million tonnes in the fourth quarter to reach the low end. Global iron ore sales were 90.8 million tonnes, up 3 percent. Glencore Lists in Australia With a Small Premium and Rio Tinto in the Background: Meanwhile, Glencore has taken a second listing in Australia. Reuters reports the miner's depositary interests opened on the Australian Securities Exchange at 11 dollars and 44 cents Australian, or 603 pence, a small premium to the London close of 582.9 pence on Tuesday. The Australian Financial Review says more than 130 million Australian dollars of shares changed hands on the first day, and Global Banking and Finance reports the shares closed slightly lower at 11 dollars and 23 cents. SSR Mining Offers About US$464 Million in Cash for Roxmore and Its Converse Project: Next, M&A in Nevada. SSR Mining has agreed to buy Roxmore Resources for 6 dollars and 75 cents Canadian in cash per share. SSR's release puts the fully diluted equity value at about 464 million U.S. dollars and the enterprise value at 392 million. The cash price is a 27 percent premium to Roxmore's October 9 close and a 47 percent premium to its 20-day volume weighted average price. Chile's Copper Supply Risks Stack Up as Aurubis Sets a Record Premium: Finally, the supply picture behind the Chilean headlines. Bloomberg reports London copper rose as much as 0.8 percent to 14,695 dollars a tonne, the highest since September 23, with the record near 14,900 set last month. Sources: - Reuters via Mining.com.au — Escondida Reaches Preliminary Deal as a Strike Deadline Passes: https://mining.com.au/bhp-averts-escondida-strike-with-preliminary-agreement/ - Diario Financiero — Escondida Reaches Preliminary Deal as a Strike Deadline Passes: https://www.df.cl/empresas/mineria/sindicato-de-supervisores-y-minera-escondida-no-logran-acuerdo-y-huelga - Bloomberg — Escondida Reaches Preliminary Deal as a Strike Deadline Passes: https://www.bloomberg.com/news/articles/2026-10-14/world-s-top-copper-mine-faces-strike-as-wage-talks-break-down - Bloomberg via Mining.com — Escondida Reaches Preliminary Deal as a Strike Deadline Passes: https://www.mining.com/web/worlds-top-copper-mine-in-final-bid-to-avert-strike-as-prices-rally/ - Rio Tinto — Rio Tinto Beats on Pilbara Shipments as Oyu Tolgoi Copper Climbs: https://www.riotinto.com/en/news/releases/2026/rio-tinto-releases-third-quarter-2026-production-results - Sharecast — Rio Tinto Beats on Pilbara Shipments as Oyu Tolgoi Copper Climbs: https://www.sharecast.com/news/news-and-announcements/rio-tinto-iron-ore-mining-ftse-100-commodities-pilbara-lithium-copper-china-oyu-tolgoi-global-economy-energy-markets-freight-markets-capital-allocation-production-guidance--23843626.html - Reuters via Euronext — Glencore Lists in Australia With a Small Premium and Rio Tinto in the Background: https://live.euronext.com/en/financial-news/glencore-shares-trade-higher-asx-debut-investors-eye-copper - Glencore — Glencore Lists in Australia With a Small Premium and Rio Tinto in the Background: https://www.glencore.com/media-and-insights/news/glencore-begins-trading-on-asx - Australian Financial Review — Glencore Lists in Australia With a Small Premium and Rio Tinto in the Background: https://www.afr.com/markets/equity-markets/mining-giant-glencore-sells-660m-worth-of-shares-on-its-asx-debut-20261014-p615e9 - Global Banking and Finance — Glencore Lists in Australia With a Small Premium and Rio Tinto in the Background: https://www.globalbankingandfinance.com/glencore-shares-start-trading-australia-miner-hopes-boost/ - SSR Mining (via StockTitan) — SSR Mining Offers About US$464 Million in Cash for Roxmore and Its Converse Project: https://www.stocktitan.net/news/SSRM/ssr-mining-announces-the-acquisition-of-roxmore-wur481q8ohxs.html - Mining.com — SSR Mining Offers About US$464 Million in Cash for Roxmore and Its Converse Project: https://www.mining.com/ssr-to-buy-roxmore-for-464m-boosts-value-of-nevada-gold-mine/ - Bloomberg via Yahoo Finance — Chile's Copper Supply Risks Stack Up as Aurubis Sets a Record Premium: https://finance.yahoo.com/markets/commodities/articles/copper-climbs-three-week-high-043720566.html - Mining.com — Chile's Copper Supply Risks Stack Up as Aurubis Sets a Record Premium: https://www.mining.com/chile-copper-supply-under-pressure-as-disruptions-mount/ - Reuters via Mining.com.au — Chile's Copper Supply Risks Stack Up as Aurubis Sets a Record Premium: https://mining.com.au/striking-unions-and-centinela-copper-mine-restart-negotiations/ - Shanghai Metals Market — Chile's Copper Supply Risks Stack Up as Aurubis Sets a Record Premium: https://news.metal.com/newscontent/104157556-aurubis-2027-copper-cathode-long-term-contract-premium-offer-hits-record-high - CNBC — Tomorrow's Flashpoint: https://www.cnbc.com/2026/10/14/gold-prices-hold-firm-ahead-of-us-inflation-data.html

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