Peru's Cerro Verde Union Expecting Government Ruling To End Strike
07 November 2011 - 3:17PM
Dow Jones News
Unionized workers at copper producer Sociedad Minera Cerro Verde
SA (CVERDEC1.VL) are expecting the government to issue a ruling
this week to end a strike that began Sept. 29, a union official
said.
National Mining Federation President Luis Castillo said during a
telephone interview on Monday that no further negotiations are
planned. Cerro Verde and the union held the last round of talks on
Friday. The union rejected a request by the company to enter into
arbitration.
Workers are seeking higher pay as they negotiate for a new
collective agreement to replace the one that expired on Aug.
31.
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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