29 Mar
Posted by Brian Anderson as Finance Help
Peruvian miner Buenaventura (NYSE: BVN) is currently not in discussions with workers who are planning to strike at three of the company’s operations, CFO Carlos Gálvez told BNamericas.
Workers at the Uchucchacua, Orcopampa and Antapite mines are demanding a greater share of profits, but Gálvez said that only shareholders are able to approve increasing employees’ share of earnings.
The strikes are scheduled for March 26 at Uchucchacua, located in Lima’s Oyón province, and a day later at both Orcopampa in Arequipa region and Antapite in Huancavelica region, daily Gestión reported.
Employees at the three mines began a work stoppage in mid-February and demanded that the company provide financial results for the 2006-09 period. Peruvian law stipulates that mining companies must hand over 8% of their profits to their employees.
The labor ministry originally declared the strike “inadmissible,” saying the unions’ announcement of the strike did not comply with formal legal requirements.
Unions had also planned, but later cancelled, a work stoppage for March 4.
Buenaventura is Peru’s largest publicly traded precious metals company. It operates four other mines and has a controlling interest in mining companies Cedimin and El Brocal.
Buenaventura holds a 43.7% stake in Yanacocha, Latin America’s largest gold mine. US-based Newmont Mining (NYSE: NEM) controls 51.3% of the mine and the World Bank’s International Finance Corporation has 5%.
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