Peru's Cerro Verde Copper Mine Workers To Strike Wednesday

LIMA, Mar 30, 2010 (Dow Jones Commodities News via Comtex) -- Copper miner Sociedad Minera Cerro Verde SAA (CVERDEC1.Vl) told the Peruvian securities regulatory agency Tuesday that unions at the copper miner plan to strike Wednesday to back demand for a greater share of profits.

"Cerro Verde has complied with the legal distribution of profits in accordance with Peruvian law and we have compensated our workers in line with the terms of the collective agreement that the workers signed," Cerro Verde said.

It also said the (Ministry of Labor's) Regional Director in the Arequipa region has declared any strike at Cerro Verde to be without legal grounds.

"The union can appeal this resolution, but if the Regional Director confirms it, then the strike could be declared illegal," the company said.

If a strike is declared illegal, the workers have to return to work or face being fired.

Freeport-McMoRan Copper & Gold (FCX) has a majority holding in Cerro Verde.

Production figures from Peru's mining ministry for 2009 show the Cerro Verde mine, in southern Peru, produced 308,370 metric tons of copper.