Bloomberg News

Buenaventura’s Gold Mine Strike Enters Third Day

March 29, 2010

Cia. de Minas Buenaventura SA (BVN:US)’s Orcopampa gold mine strike entered a third day amid increasing industry discord about bonuses, a union official said.

Labor talks at the largest of the company’s three mines collapsed over an annual bonus increase, General Secretary Luis Castillo said today. Workers at the company’s Uchucchacua silver unit and Antapite gold mine suspended strike action over the weekend after reaching an agreement.

“There was no solution at Orcopampa,” Castillo said in a telephone interview. “Now more strikes are on the horizon.”

Workers in Peru and Chile are holding work stoppages at copper, gold and zinc mines this year to seek a bigger slice of company earnings. Freeport-McMoRan Copper & Gold Inc. (FCX:US) and Shougang Corp.’s Peruvian mineworkers plan to strike over bonuses this week. Doe Run Peru’s Cobriza copper miners began a strike March 23.

Buenaventura Chief Financial Officer Carlos Galvez and the company’s labor negotiator, Miguel Angel de la Flor, weren’t available to comment when called by Bloomberg News.

Buenaventura’s American depositary receipts (BVN:US) gained 46 cents, or 1.5 percent, to $31.33 at 9:48 a.m. in New York Stock Exchange composite trading.

To contact the reporter on this story: Alex Emery in Lima at aemery1@bloomberg.net.

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net.


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Companies Mentioned

  • BVN
    (Cia de Minas Buenaventura SAA)
    • $10.09 USD
    • -0.19
    • -1.88%
  • FCX
    (Freeport-McMoRan Inc)
    • $29.34 USD
    • 0.06
    • 0.2%
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