Buenaventura says Peru strike will not hurt results
LIMA, July 7 (Reuters) - Peruvian miner Buenaventura (BUEv.LM) (BVN.N) said on Monday it lost some 250,000 ounces of silver output at its Uchucchacua mine because of a near week-long mining strike, but the loss would not negatively affect its financial results.
The company said operations at Uchucchacua were back to normal, one day after Peru's largest federation of mining workers said it was stopping its strike, which started on June 30.
"We lost a week of production at Uchucchacua ... we're talking about 250,000 ounces of silver," Roque Benavides, Buenaventura's chief executive, told Reuters.
He said Uchucchacua produces some 12 million ounces of silver annually and that output lost during the strike was not enough to dent the company's financial position.
Besides Uchucchacua, Buenaventura operates the Orcopampa, Antapite and Caraveli mines in Peru. It also has minority stakes in Yanacocha, Latin America's largest gold mine, and Cerro Verde, a large copper pit.
Last week, Peruvian mine workers hoping to grab a larger slice of sky-high metals prices held a walkout to demand Congress pass a bill that would lift caps on profit-sharing. They also wanted a shorter work day and improved retirement rules.
Union leaders decided to end the strike on Sunday, after meeting with government officials and being promised lower minimum retirement ages for mine workers.
The nationwide strike hit some key mines, but production was affected at only a few as managers called in temporary workers. (Reporting by Marco Aquino; Writing by Dana Ford; Editing by Walter Bagley)
