Buenaventura concludes collective agreement with Antapite union

Monday, October 4, 2010

Peruvian miner Buenaventura (NYSE: BVN) and union workers from its Antapite gold mine in Huancavelica region have reached a collective bargaining agreement for 2010-11, the labor ministry reported in a release.

The agreement includes a salary increase of 2.0 soles/d (US$0.71) for workers who have been employed at least three months prior to May 13.

Workers will also receive a one-time bonus of 3,000 soles, as well as a bonus for working night shifts and overtime payments, among others.

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The collective agreement is valid from May 13, 2010 until May 12, 2011, the ministry said.

Buenaventura is Peru's largest publicly traded precious metals company. As well as Antapite, it operates six other mines, has a controlling interest in mining companies Cedimin and El Brocal, and owns 43.65% of Latin America's largest gold mine Yanacocha.

The company posted net income of US$111mn in Q2 when its equity gold production, including Yanacocha, totaled 261,953oz, while its silver output was 3.37Moz.