Peru's Cerro Verde, Striking Workers Hold Talks -Union Official
10 November 2011 - 5:53PM
Dow Jones News
Peruvian copper producer Sociedad Minera Cerro Verde SA
(CVERDEC1.VL) and striking union workers are meeting Thursday
following a government ruling earlier this week that gave them
until Nov. 15 to resolve the walkout, a union official said.
Union workers walked off the job on Sept. 29 to back demands for
higher pay at Peru's third biggest copper producer. Cerro Verde has
been operating the mine with supervisors and volunteer
personnel.
If no deal is reached by Nov. 15, the ruling said Peru's
government will resolve the strike, union leader Leoncio Amudio
said.
Amudio said during a telephone interview Thursday that the
company's offer and worker demands remain "distanced," but that an
agreement could still be reached.
Cerro Verde operates in southern Peru. 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 in Cerro Verde.
Peru is the world's second biggest copper producer.
-By Ryan Dube, Dow Jones Newswires; 51-945 043 802;
peru@dowjones.com
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