UPDATE: Peru's Cerro Verde Union Ends Strike
30 Novembre 2011 - 2:38PM
Dow Jones News
Union workers at Peru's third biggest copper producer, Sociedad
Minera Cerro Verde SA (CVERDEC1.VL), returned to work Wednesday,
ending a strike that dragged on for more than two months, a union
official said.
"We have finished the strike," union leader Leoncio Amudio told
Dow Jones Newswires.
Workers went on strike Sept. 29 to seek higher pay, among other
benefits. No agreement was reached with the company. Workers expect
authorities from the Arequipa region, where the mine is located, to
issue a resolution to resolve the dispute.
A company spokesman said: "We are pleased that our employees are
returning to work and look forward to concluding the contract
negotiations with the union."
Cerro Verde produced 157 million pounds of copper in the third
quarter of this year, down from 165 million pounds in the third
quarter in 2010.
U.S.-based Freeport-McMoRan Copper & Gold Inc. (FCX) has a
majority interest in Cerro Verde. Compania de Minas Buenaventura SA
(BVN, BUENAVC1.VL) and a subsidiary of Sumitomo Corp. (SSUMY,
8053.TO) also have stakes in the company.
Peru is the world's second biggest copper producer.
-By Ryan Dube, Dow Jones Newswires; 51-945 043 802;
peru@dowjones.com
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