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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (45583)	10/20/2009 10:06:16 PM
From: LoneClone	Read Replies (1) \| Respond to of 194002

Peru miners lukewarm on strike, eyes on Congress Tue Oct 20, 2009 4:33pm EDT reuters.com By Patricia Velez and Dana Ford LIMA, Oct 20 (Reuters) - Many employees at key mines in Peru reported to work on Tuesday as a 48-hour mining strike entered its second day with lukewarm support, while workers hoped Congress would vote to improve their benefits. Miners in Peru, a leading global metals exporter, have demanded the government pass laws that would lower the age for retirement and lift caps on profit-sharing. Congress could vote on the rules Wednesday or Thursday, depending if they are put on its agenda. "I think yes (Congress will debate the two mining laws)," Guido Lombardi, a member of the Congressional Committee on the Economy, told Reuters. "There is a group of Congress members interested in having this debate," said Lombardi, who belongs to the National Unity party. The committee approved both bills earlier this year and Congress as a whole later passed the retirement rule. But President Alan Garcia vetoed it, angering miners. Minerals prices have gained ground, and mining companies are expected to post higher third-quarter profits after a tough first half. The national federation of mining unions has said it will plan an indefinite strike if it does not get what it wants now. Lombardi said Garcia's finance ministry suggested the bill be modified before putting it up for a second vote. Early retirement for miners might require private pension funds to pay out millions of dollars in extra benefits. MINES ON STRIKE Union leaders said the walkout hit mines of Buenaventura, Barrick and Volcan, while those of Southern Copper (SPC.LM) (PCU.N), Freeport (FCX.N), BHP Billiton (BHP.AX) (BLT.L), Xstrata (XTA.L) and Newmont (NEM.N) were spared. [ID:nN20438650] Peru's labor ministry has declared the strike illegal, a move aimed at prodding miners to return to work. "We're still on strike," Abad Holguin, a union leader at Buenaventura told Reuters. Buenaventura has said its Orcopampa and Uchucchacua mines were stopped by the strike. Union officials said workers at Barrick's (ABX.TO) (ABX.N) Peruvian gold mines walked off the job, but a Barrick official said output was not cut. Volcan, (VOL_pb.LM) one of Peru's top zinc and silver producers, was similarly hit by the work stoppage, though a company official said production was not affected. Global prices for gold XAU= and copper MCU3 were down on Tuesday as the U.S. dollar recovered slightly. The last time miners went on strike in Peru was when metals prices were sky high, in the middle of last year before the commodities collapse. Peru ranks No. 1 in silver output, No. 2 in zinc, No. 3 in copper and tine, No. 4 in lead and No. 6 in gold. (Editing by David Gregorio)