NEW YORK Southern Copper Corp. (SCC) hopes to reach new labor agreements soon with five Peruvian unions representing local workers to replace contracts that expired at the end of 2012.
SCC last month signed three-year labor agreements with three of the eight Peruvian unions it deals with, representing about 13 percent of SCCs unionized workforce. The new labor contracts include a 6-percent wage increase in the first year and 5-percent increases in the second and third years, chief financial officer Raul Jacob said during a conference call following the release of the companys fourth-quarter results.
"We are confident we will reach a satisfactory agreement with the remaining workers unions in the coming days," Jacob said.
The eight Peruvian unions represent 2,900 workers out of SCCs total labor force of 4,500.
Southern Copper operates the Toquepala and Cuajone mines in Peru, and has a number of exploration projects underway at Los Chancas and Tantahuatay, Peru.