Cia. de Minas Buenaventura SAA, Peru’s biggest precious metals producer, said the Orcopampa gold mine’s fifth strike this year is reducing output.
Contract workers downed tools as part of annual talks, Buenaventura said today in an e-mailed statement. The stoppage at Orcopampa, the company’s largest wholly owned gold mine, started to affect production on Oct. 9. Orcopampa produced 285,201 ounces of gold last year. The company didn’t say how much output was affected by the strike.
“Negotiations are progressing and the company believes that this issue can be solved in short order,” Buenaventura said in the statement. “The company will keep the market updated with regards to any developments or changes as they occur.”
Workers in Peru, Bolivia and Chile have held work stoppages at copper, gold and zinc mines this year to seek a bigger percentage of company earnings. Shougang Hierro Peru SAA began a strike Oct. 9.
Buenaventura Chief Financial Officer Carlos Galvez and the company’s labor negotiator, Miguel Angel de la Flor, weren’t available to comment when called by Bloomberg News.
Buenaventura’s American depositary receipts fell 1.4 percent to $36.81 at 3:56 p.m. in New York.