Peru's Cerro Verde Says Continuing To Aim For Strike Settlement
26 Oktober 2011 - 6:14PM
Dow Jones News
Peruvian copper producer Sociedad Minera Cerro Verde SA
(CVERDEC1.VL) said Wednesday that it continues to work in good
faith to reach a collective agreement that will be acceptable for
it and striking workers.
In a statement sent to the Peruvian securities regulatory
agency, Cerro Verde reiterated that production of copper and
molybdenum concentrates haven't been significantly affected by the
strike that began on Sept. 29.
The company said that the concentrator at its mine restarted
normal activities on the weekend after being closed for routine
maintenance.
The company said mining rates are averaging about 200,000 metric
tons per day, or some two-thirds of normal production rates, aimed
at producing ore to feed the concentrator and the leach pad which
are both operating at near capacity levels.
Unionized workers went on strike in September demanding 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.
Freeport-McMoRan Copper & Gold Inc (FCX) 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.
-By Robert Kozak, Dow Jones Newswires; 51-1 99927 7269;
peru@dowjones.com
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