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DJ Strike At Peru's Cerro Verde Enters 13th Day
Oct 12,2011 09:25CST
industry news
Source:SMM
An indefinite strike at Peruvian copper producer Sociedad Minera Cerro Verde SA (CVERDEC1.VL) entered its 13th day on Tuesday.

LIMA, Oct 11, 2011 (Dow Jones ) -- An indefinite strike at Peruvian copper producer Sociedad Minera Cerro Verde SA (CVERDEC1.VL) entered its 13th day on Tuesday, while negotiations aimed at ending the walkout are scheduled later this week, a union official said.

Union leader Leoncio Amudio said during a telephone interview on Tuesday that government-brokered talks with Cerro Verde are scheduled for Wednesday and Thursday.

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.

Shortly after the strike began, the company said that the walkout hadn't affected production as the company was operating the facilities with supervisors and other personnel.

Eric Kinneberg, director of external communications for U.S.-based Freeport-McMoRan Copper & Gold Inc. (FCX), said Tuesday that there has been no change. "We do not have an updated statement. The previous statement still applies," Kinneberg said by email.

Union officials have looked to paralyze operations at Cerro Verde by pressing for labor inspectors to declare that the company isn't complying with regulations. According to Amudio, inspections over the weekend found "various violations."

Amudio said that the union may also appeal to international labor groups to put pressure on Cerro Verde, as workers aim to halt production.

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 has a majority stake of 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.

Peru is the world's second-biggest copper producer.

 

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