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Pan American Silver Corp. (TSX:PAA)(NASDAQ:PAAS)reported that an illegal strike declared by the union of mine workers has resulted in a work stoppage at the Company’s Huaron mine in Peru.
Pan American Silver Corp. (TSX:PAA)(NASDAQ:PAAS)reported that an illegal strike declared by the union of mine workers has resulted in a work stoppage at the Company’s Huaron mine in Peru.
The press release is quoted as saying:
The union is disputing the amount of the 2009 worker’s profit-sharing payment. Huaron’s profits in 2009 and the workers’ share were negatively affected by the economic downturn in the first half of last year. In addition, there was a negative impact on profits due to the, as yet unrecovered amounts owed to the Company by the Doe Run Peru smelter which was forced to close in the first quarter of 2009 and has yet to reopen.
Click here to access the entire press release