Unionized workers at copper mining company Sociedad Minera Cerro Verde SAA (CVERDEC1.VL), controlled by U.S.-based Freeport-McMoRan Copper & Gold Inc. (FCX), pulled back from strike action at the last minute late Thursday. The mine workers were due to begin strike action Friday morning at 07:00 EST.

Cerro Verde union secretary Leoncio Amudio said, however, that shortly before a general union meeting was set to ratify the strike, the company made a last minute offer which resolved most of the labor issues that sparked the strike threat.

"The offer resolves seven points and will advance two others. There will be no strike on Friday," said Amudio.

In the third quarter 2010, Cerro Verde produced 164.8 million pounds of copper, compared with 160.9 million pounds in the same quarter the previous year. In the full year 2009, company figures show the mine produced 662 million pounds.

Compania de Minas Buenaventura SAA (BVN, BUENAVC1.VL) and a subsidiary of Sumitomo Corp. (SSUMY, 8053.TO) also have equity stakes in the company. The mine is located in southern Peru.

Peru is the world's second-largest copper producer, according to figures from its mining ministry.

-By Sophie Kevany, Dow Jones Newswires; 51(1)-989 038 043; sophie.kevany@dowjones.com
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