UPDATE 1-Peru mining unions call nationwide strike for June

Thu May 14, 2009 12:12pm EDT

LIMA, May 14 (Reuters) - Peru's largest federation of mining unions said on Thursday it has agreed to call an indefinite, nationwide strike starting on June 15 to demand better working conditions.

Unionized mine workers are upset by job cuts spurred by the global economic slowdown, which has slammed prices for most metals from Peru, a major global exporter. They also want a bigger share of profits and improved retirement rules.

The June strike date was set last week at a membership meeting of the National Federation of Mine and Steel Workers, Peru's largest organization of mining unions.

The federation says some 9,750 mine workers have lost their jobs since November.

Last year, the group held a nearly one-week strike, which hit some key mines and helped push global copper prices to record highs. The work stoppage had a minimal impact on production as managers called in temporary workers.

Peru is the world's top producer of silver, No. 2 in copper and zinc, and ranks sixth in gold output. (Reporting by Teresa Cespedes; Writing by Dana Ford; Editing by David Gregorio)

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Comment on next leg down .:

I think it will depend on the broder market if it keeps gaining i expect ML to follow , since from what management said next quarter should prove to be very good , so if the market realy sees through the next months ( wich we can doubt at this point ) then ML should gain on expectations of good earnings .

There's so many mixed data out there it's hard to foresee anything , but like u i stand by this stock thinking it still has a lot of gain to make and i still hope for a couple of good months ahead .