Peru's Cerro Verde: Copper Output Not Affected By Strike
20 Oktober 2011 - 11:20PM
Dow Jones News
Peruvian copper producer Sociedad Minera Cerro Verde SA's
(CVERDEC1.VL) production of copper and molybdenum concentrates
remains mainly unaffected by the strike that began Sept. 29, a
company official said.
"Cerro Verde is focusing its operations on essential functions
to supply ore to the leach pad and concentrator," Freeport-McMoRan
Copper & Gold Inc. (FCX) Director of External Communications
Eric E. Kinneberg said in an email message. Freeport-McMoRan has a
majority stake in Cerro Verde.
"As a result, production of copper and molybdenum concentrates
has not been materially affected by the strike that began on
September 29," he added.
The company said, "Mining rates are averaging approximately
200,000 metric tons per day (which is approximately two thirds of
normal production rates), essentially all dedicated to the
production of ore to feed the concentrator and the leach pad which
are both operating at near capacity levels."
The company says that it is operating the facility with about
600 supervisory and other personnel who volunteered to work under
strike conditions.
The company said that downtime at the concentrator is associated
with routine maintenance and unrelated to the strike
activities.
The workers put down tools in September to back demand for
higher wages and other benefits.
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. 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 Robert Kozak, Dow Jones Newswires; 51-1 99927 7269;
peru@dowjones.com
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