UPDATE: Peru's Cerro Verde Mine Union Ends Strike, Threatens New One
20 September 2011 - 1:38AM
Dow Jones News
Unionized workers at copper mining company Sociedad Minera Cerro
Verde SAA (CVERDEC1.VL), controlled by U.S.-based Freeport-McMoRan
Copper & Gold Inc. (FCX), ended their strike over the weekend,
a union official said.
Union General Secretary Leoncio Amudio said in a telephone
interview Monday that the workers went back to work on Saturday due
to a legal technicality, but that they may go out again on strike
on Sept. 27.
Amudio said that clashes with police had injured several union
members and that the union doesn't plan to negotiate anymore with
the company.
"We don't plan to hold any more talks" with the company, he
said.
More than a thousand workers walked out last Wednesday to back
demands for higher pay. Their contract expired Aug. 31. Workers had
previously walked out for two days earlier in September to back
their demands.
The company has used other workers in the absence of the
striking workers.
"Production of copper and molybdenum concentrates were not
materially affected by the three-day strike," Freeport's Director
of External Communications Eric Kinneberg said in an email.
Kinneberg said the company will continue negotiating a new labor
contract with the union.
Compania de Minas Buenaventura SA (BVN, BUENAVC1.VL) and a
subsidiary of Sumitomo Corp. (SSUMY, 8053.TO) also have stakes in
the company.
Cerro Verde is one of Peru's biggest copper mining companies. In
the second quarter of this year, it turned out 170 million pounds
of copper, compared with 166 million pounds in the same period last
year.
Peru is the world's second biggest copper producer.
-By Robert Kozak, Dow Jones Newswires; 511-221-7050;
peru@dowjones.com
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