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4-Traders Homepage  >  Equities  >  Nyse  >  Southern Copper Corp    SCCO

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Peru Unionized Workers Start Two-Day Strike At Southern Copper

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12/24/2012 | 04:37pm CEST
   By Robert Kozak 
 

LIMA, Peru--Unionized workers at Southern Copper Corp.'s (>> Southern Copper Corp) Cuajone and Toquepala mines and its Ilo smelter and refinery in Peru went on strike Monday to back demands for salary increases, a union official said.

"The strike is taking place at Cuajone, Toquepala and Ilo," said Ricardo Juarez, secretary general of the worker's union at Ilo, in a telephone interview.

He said the two-day walkout was a warning to the company: If no new contract is reached, then a general, indefinite strike will start on January 15.

Talks between the company and unions aimed at reaching a new collective-bargaining agreement have been suspended.

"The negotiations were going nowhere," Mr. Juarez said. He said the company has hired replacement workers during the current strike.

Southern Copper operates mines, smelting and refining facilities in Mexico and Peru. Grupo Mexico (GMEXICO.MX) owns a majority stake in Southern Copper.

In the third quarter of 2012, Southern Copper's copper production reached 160,379 metric tons. The company also produces molybdenum and other products.

Write to Robert Kozak at [email protected]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stocks mentioned in the article : Southern Copper Corp
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Financials ($)
Sales 2017 6 337 M
EBIT 2017 2 352 M
Net income 2017 1 346 M
Debt 2017 4 812 M
Yield 2017 1,07%
P/E ratio 2017 20,02
P/E ratio 2018 18,25
EV / Sales 2017 4,98x
EV / Sales 2018 4,56x
Capitalization 26 731 M
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Mean consensus HOLD
Number of Analysts 15
Average target price 36,9 $
Spread / Average Target 6,7%
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NameTitle
Oscar González Rocha President, Chief Executive Officer & Director
Germán Larrea Mota-Velasco Chairman
Raúl Jacob Ruisánchez Chief Financial Officer, Treasurer & VP-Finance
Carlos Ruiz Sacristán Pemán Independent Director
Luis Miguel Palomino Bonilla Independent Director
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