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Workers plan strike at Freeport's Cerro Verde project over low bonus payouts

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Workers plan strike at Freeport's Cerro Verde project over low bonus payouts

Workersat Freeport-McMoRan Inc.'sCerro Verde copper-molybdenumproject in Peru are planning to go on a two-day strike starting April 8, Reutersreported March 31, citing union leader Zenon Mujica.

The workersclaim that their profit-sharing bonus this year has nearly disappeared. Each workerwill receive an average bonus of 483 Peruvian soles based on 2015 profits, comparedto 30,000 soles they earned in the prior year, Mujica said.

Freeportowns a 53.56% stake in the project, while Compañíade Minas Buenaventura SAA owns a 19.58% interest and Japan's owns 21%.

As of March 31, US$1 was equivalentto 3.36 Peruvian soles.