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Fresnillo concludes 2009 wage negotiation with unions, force majeure lifted

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Silver producer Fresnillo PLC (LSE: FRES) said it has now concluded all wage negotiations with the unions at all its mines for the year 2009.

It has successfully concluded the 2009 annual wage negotiations with the section of Mexico's Mining and Metal Workers Union at the Ciénega mine.  The union and the company have agreed to the same conditions as with the Herradura and Fresnillo mine workers.

In a separate statement, it said its Mexican parent company Penoles has lifted the force majeure at the Met-Mex metallurgical complex with respect to the precious metals dor and precipitates produced at the Herradura and Cinega mines as well as on the lead concentrates from the Cinega and Fresnillo mines.

Penoles had declared force majeure at its MetMex precious metals refinery in March 2009 due to a strike over pay.

Fresnillo added: “We can confirm that there was no material financial impact from the  force majeure period as all of the products were sold elsewhere on  terms comparable to those agreed with Met-Mex."

Quick facts: Fresnillo Plc

Price: 794 GBX

LSE:FRES
Market: LSE
Market Cap: £5.85 billion
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