Peru's Cerro Verde Expects To Reach Agreement With Union Soon
September 15 2011 - 7:05PM
Dow Jones News
Peruvian copper mining company Sociedad Minera Cerro Verde SAA,
(CVERDEC1.VL) said Thursday that it expects to reach an agreement
with striking union workers soon.
"We are working together with the union and fairly soon will
come to an agreement," said Cerro Verde general manager Bruce
Clemens.
About 1,200 union workers at the mine began an indefinite strike
on Wednesday to demand higher pay. Clemens said the strike is not
expected to have any immediate impact on output.
Cerro Verde is Peru's third-biggest copper producer with mines
in the Arequipa region. Cerro Verde is majority-controlled by
Freeport-McMoRan Copper & Gold (FCX). Compania de Minas
Buenaventura SA (BVN, BUENAVC1.VL) and a subsidiary of Sumitomo
Corp. (SSUMY, 8053.TO) also have stakes in the company.
The company produced 668 million pounds of copper in 2010. Cerro
Verde is carrying out a $3.5 billion expansion plan that will
triple throughput to 360,000 tons per day.
The expansion will allow Cerro Verde to increase copper output
to 1 billion pounds, Clemens said. He added that Cerro Verde will
submit the environmental impact study to authorities in the fourth
quarter of 2011.
The environmental impact study is a key permit required to
develop projects.
Peru is the world's second biggest producer of copper. It is
also a major producer of silver, gold and zinc and other
minerals.
-By Ryan Dube, Dow Jones Newswires; 51-945 043 802;
peru@dowjones.com
Sumitomo (PK) (USOTC:SSUMY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Sumitomo (PK) (USOTC:SSUMY)
Historical Stock Chart
From Jul 2023 to Jul 2024