Sociedad Minera Cerro Verde, the main copper producer in Peru, reported that it has reached a collective agreement with the workers’ union of the mine in Arequipa after an early negotiation process, which will run until August 31, 2021.

According to a corporate statement sent to the Superintendency of Stock Market (SMV in Spanish), the mining company said the collective agreement reached with the union includes “some great agreements for the best interest of the company, the employees and their families.”

“As a result of the early negotiation process, the company and the Cerro Verde Union reached an agreement signing a new collective agreement, which will become effective as of September 1 and will extend for the next three years, until August 31, 2021,” according to the company.

In an official statement, the mining company said it appreciates goodwill demonstrated by the labor union during the early negotiation process.

In 2017, Cerro Verde produced 501,800 tons of fine copper.