UPDATE 2-Hochschild's Peru mines hit by labor strike

* Labor strike at all 4 of its Peru operations

* Union says company not sharing profits

* Company says wants to reach deal quickly

LIMA, March 23 (Reuters) - Labor strikes have started at all four Peruvian mines of precious metals company Hochschild Mining Plc (HOCM.L) (HOCM.L) as workers demand their share of profits, union officials and the company said on Monday.

"The company isn't paying according to the profit-sharing law," said Luis Castillo of Peru's federation of mining unions.

Under Peruvian law, employees are entitled to a profit sharing of 8 percent of taxable profits.

"Mining industry workers are expecting profit sharing to remain at levels similar to previous years despite the dramatic downturn in the global economy, particularly during the second half of 2008," the company said.

The stopped mines -- Arcata, Pallancata, Selene, Ares -- account for a significant chunk of production.

Hochschild said it would stand by its full year production target of 28 million silver equivalent ounces for 2009. It said it hopes to real a deal soon to end the strikes.

The Latin American gold and silver producer is due to release its annual results on Wednesday. Attributable profit from continuing operations after exceptional items rose to $85.1 million in 2007. [ID:nL12622165] (Reporting by Julie Crust in London and Teresa Cespedes in Lima; Editing by David Gregorio)