Peru's Cerro Verde Union Evaluating Arbitration Request
02 November 2011 - 3:31PM
Dow Jones News
Unionized workers at copper producer Sociedad Minera Cerro Verde
SA (CVERDEC1.VL) are evaluating a request from the company to begin
arbitration for a new collective agreement, a union official
said.
Workers at Cerro Verde have been on strike since Sept. 29 to
back demands for higher pay amid negotiations for a new collective
agreement. The previous collective agreement expired Aug. 31.
"Since the previous agreement expired, [Cerro Verde] has been
actively negotiating a new one taking into account the requests
from the union and offering competitive and generous salaries and
benefits," the company said Monday.
"Unfortunately, the negotiation process has not been successful
as no deal has been reached that would allow for the signing of a
new collective agreement," Cerro Verde added.
The company said that it remains willing to continue
negotiations and hopes to sign a new agreement "as soon as
possible."
Union leader Leoncio Amudio told Dow Jones Newswires Wednesday
that workers may make a decision later in the day about whether the
union will enter arbitration.
"We are taking a look, we are evaluating the context to see what
is most advisable," Amudio said.
Cerro Verde is one of Peru's biggest copper producers. It
produced 157 million pounds of copper in the third quarter of this
year, down from 165 million pounds in the same period in 2010.
Freeport-McMoRan Copper & Gold Inc. (FCX) has a majority
stake of Cerro Verde.
-By Ryan Dube, Dow Jones Newswires; 51-945 043 802;
peru@dowjones.com
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