UPDATE 1-Union at Peru's Antamina says not to strike

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LIMA Nov 25 (Reuters) - Workers at Antamina, a major copper pit in Peru, said on Wednesday they had wrapped up negotiations for a labor agreement and that a new contract would be signed on Thursday.

The union had previously voted to go on strike.

"We just reached a final deal," union leader Francisco Marinas told Reuters. "Tomorrow, we'll sign (the contract) at 0900 (1400 GMT) in the morning."

Talks at Antamina -- a joint venture between BHP Billiton Ltd (BHP.AX) (BLT.L), Xstrata Copper (XTA.L), Teck Cominco Ltd (TCKb.TO) and Mitsubishi Corp (8058.T) -- are among the first to be held at a major mine since the global economic crisis hit the sector last year.

The union and the company were negotiating a new contract to replace a three-year deal that expired in late July, and industry analysts had been watching the talks closely for signs of what might happen with contract deals at other big mines.

In Chile, the world's No. 1 copper producer, negotiations at several large mines have been tough and the unrest has added to supply concerns in global markets.

Peru, a major global metals exporter, ranks No. 3 in copper production. (Reporting by Dana Ford; Editing by Marguerita Choy) ((dana.ford@thomsonreuters.com; +511 221-2130; Reuters Messaging: dana.ford.reuters.com@reuters.net))