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Chilean copper mine Escondida, controlled and operated by BHP Billiton Ltd (BHP), offered unionized workers an early contract and benefits package to avoid a possible strike later in the year, a BHP spokesman said Friday, confirming a local newspaper report.

In 2006, unionized workers went on strike for nearly a month, bringing production to a standstill while contract talks dragged on.

Escondida Escondida offered the 2,250-strong union a 5% wage increase as well as bonuses and an interest-free loan totalling almost $30,000 per worker. Current contracts expire Dec. 5. The new contract offer is for an unusually long 44-month period.

It offered the longer contract "because it's mutually beneficial," according to the spokesman.

The unionized workers will vote through the weekend on the offer, he said.

Escondida, the world's largest copper mine, is controlled and operated by BHP, which has a 57.5% stake. Anglo-Australian mining company Rio Tinto PLC (RTP) holds 30%, with an additional 10% held by a Japanese consortium led by Mitsubishi Corp. (8058.TO) and the remaining 2.5% by International Finance Corp. (IFC.KW), the private-sector unit of the World Bank.

-By Carolina Pica, Dow Jones Newswires; 56-2-820-4244; carolina.pica@dowjones.com