May 14, 2010 / 1:06 PM / 8 years ago

UPDATE 1-Lundin, Neves-Corvo union reach agreement

* Reaches agreement with miners at its Neves-Corvo

* Says agreement settles all outstanding industrial issues

TORONTO, May 14 (Reuters) - Canadian mining company Lundin Mining Corp (LUN.TO) said on Friday it reached an agreement with the union representing miners at its Neves-Corvo mine in copper mine in Portugal on a pay-for-performance based incentive plan.

The agreement settles all outstanding industrial issues at the mine, the Toronto-based company said in a statement.

“A new arrangement is to be implemented from June 1, 2010, that provides additional payment to employees based on actual improvements in productivity,” said Chief Operating Officer Joao Carrelo.

Workers at the mine have been agitating since February this year and demanding higher wages.

Last month, the company trimmed its annual copper production forecast for Neves-Corvo by 5,000 tonnes to 77,000 tonnes, due to the work disruptions at the mine.

Lundin said the recent revision to production guidance at Neves-Corvo would remain in place and be reviewed, when it declares its second-quarter results in July. (Reporting by Euan Rocha; Editing by Derek Caney)

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