Peru's Antamina, union sign new labor agreement

LIMA Nov 26 (Reuters) - Antamina and its union signed a new three-year labor contract on Thursday, ending four months of tense negotiations and erasing the specter of a strike at one of the world's largest copper and zinc mines.

The deal, which replaces one that expired in late July, includes an across-the-board pay raise of 4.7 percent for the first year, and increases of 4.4 percent in the second and third years of the contract, the union said.

It also said the pact contains a one-time average signing bonus of roughly US$15,000 per worker.

"There's something in there for everyone," union leader Francisco Marinas told Reuters.

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) -- declined to comment on the contract's specifics.

Sources close to the talks said the company had offered a signing bonus of up to 27,500 soles (US$9,549) per worker.

Negotiations at Antamina were among the first to be held at a major mine since the global economic crisis hit the sector last year and analysts had been watching the talks closely for signs of what might happen with deals at other big mines.

That was particularly true after recent talks in Chile, the world's largest copper producer, turned tense.

Negotiations at several large mines in Chile have been tough and the unrest has added to supply concerns in global markets, helping to push copper prices MCU3 near 14-month highs.

Earlier this month, workers at Antamina voted to go on strike, but never set a start date.

Peru, a global metals exporter, ranks No. 3 in copper production, after Chile and the United States. ($1=2.88 soles) (Reporting by Dana Ford; Editing by John Picinich) ((dana.ford@thomsonreuters.com; +511 221-2130; Reuters Messaging: dana.ford.reuters.com@reuters.net))