Peru's Cerro Verde Says Continuing To Aim For Strike Settlement

Peruvian copper producer Sociedad Minera Cerro Verde SA (CVERDEC1.VL) said Wednesday that it continues to work in good faith to reach a collective agreement that will be acceptable for it and striking workers.

In a statement sent to the Peruvian securities regulatory agency, Cerro Verde reiterated that production of copper and molybdenum concentrates haven't been significantly affected by the strike that began on Sept. 29.

The company said that the concentrator at its mine restarted normal activities on the weekend after being closed for routine maintenance.

The company said mining rates are averaging about 200,000 metric tons per day, or some two-thirds of normal production rates, aimed at producing ore to feed the concentrator and the leach pad which are both operating at near capacity levels.

Unionized workers went on strike in September demanding higher wages and other benefits.

Cerro Verde produced 170 million pounds of copper in the second quarter of this year, up from 166 million pounds in the same period in 2010.

Freeport-McMoRan Copper & Gold Inc (FCX) has a majority stake of Cerro Verde. Compania de Minas Buenaventura SAA (BVN, BUENAVC1.VL) and a subsidiary of Sumitomo Corp. (SSUMY, 8053.TO) also have an interest in the company.

-By Robert Kozak, Dow Jones Newswires; 51-1 99927 7269; [e-mail]