Strikers At Peru's Cerro Verde See Little Progress -Union
October 07 2011 - 10:47AM
Dow Jones News
Striking union workers at Peruvian copper producer Sociedad
Minera Cerro Verde SA (CVERDEC1.VL) have seen little progress
toward resolving the walkout that began in late September, a union
official said.
National Mining Federation President Luis Castillo said there
were no advances this week. However, he said government-brokered
talks are scheduled for Monday.
"The situation is very difficult," Castillo said.
Workers at Cerro Verde, Peru's third biggest copper producer,
went on strike on Sept. 29 to seek higher pay amid negotiations for
a new collective agreement.
The company has said it is willing to continue talks with the
union and that it is operating the facilities with supervisors and
other personnel that volunteered during the strike.
The union has said it will look to paralyze operations by
pressuring the government and Congress to send labor inspectors to
determine if the company is complying with regulations.
Cerro Verde produced 170 million pounds of copper in the second
quarter of this year, up from 166 million pounds in the same period
in 2010.
Freeport-McMoRan Copper & Gold Inc (FCX) has a majority
stake in Cerro Verde. Compania de Minas Buenaventura SAA (BVN,
BUENAVC1.VL) and a subsidiary of Sumitomo Corp. (SSUMY, 8053.TO)
also have an interest in the company.
-By Ryan Dube, Dow Jones Newswires; 51-945 043 802;
peru@dowjones.com
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