SÃO PAULO Doe Run
Perus board of creditors has voted to restructure its La
Oroya metallurgical complex and Cobriza Mine rather than sell
the companys assets in an ongoing liquidation,
AMM sister publication Metal Bulletin has
The board has given the company
in charge of Doe Run Perus administration, Right Business
SA, 60 days to come up with a new restructuring plan. Approval
of the plan would rest with the board.
"According to Peruvian law, if
we havent changed the mandate from liquidation to
restructuring, it would create an option of simple liquidation,
which would lead to the paralyzation of all the activities at
Doe Run," Ayar Lopez Cano Algorta, administrator at Lima,
Peru-based Right Business, told Metal Bulletin.
The Doe Run Peru metallurgical
complex in the central Andes, which was shut in 2009 due to
financial difficulties and environmental problems, has recently
restarted its zinc and lead circuits. Copper production remains
halted as a project related to the sulfuric acid plant is still
in process, precluding the restart of the circuit.
The Peruvian government is the
main creditor of Lima-based Doe Run Peru, holding 36 percent of
the companys debt, while Doe Run Cayman Ltd. holds 35
percent. Mineral traders and suppliers make up the remaining
Prior to 2009, Doe Run Peru
produced 114,000 tonnes of lead and 43,000 tonnes of zinc
A version of this article was first published by AMM sister
publication Metal Bulletin.