Doe Run Peru

Doe Run Peru Rejects Cormin & Trafigura’s Defamatory Campaign and Initiates Criminal Complaint

admin — Fri, 13 May 2011 21:53:55 +0000

(May 13, 2011)

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Cormin Seeks To Mislead The Public Opinion

admin — Thu, 14 Apr 2011 18:22:14 +0000

(April 11, 2011)

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Cormin, A Trafigura Company, Circumvents The Legal Process In Its Attempt To Liquidate Doe Run Peru

admin — Thu, 07 Apr 2011 17:42:25 +0000

(April 7, 2011)

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Doe Run Peru Announces Renco Group Loan Offer to Expedite Cleanup of La Oroya

scollins — Thu, 24 Feb 2011 18:48:10 +0000

(February 22, 2011)

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Doe Run Peru Will Move La Oroya Forward

admin — Thu, 17 Feb 2011 16:02:22 +0000

(February 17, 2011)

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Government of Peru’s Actions Toward Doe Run Peru Said to Violate Trade Treaty Between United States and Peru

admin — Wed, 05 Jan 2011 19:08:57 +0000

(January 05, 2011)

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Peruvian Government Obstructs Fundamental Programs In La Oroya

admin — Mon, 03 Jan 2011 16:57:49 +0000

(January 03, 2011)

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The Peruvian State Needs To Recognize Its Commitments With Doe Run Peru

scollins — Tue, 23 Nov 2010 19:00:42 +0000

(November 22, 2010)

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Renco Group, Inc. Calls On Peruvian Government to Honor Legal Obligations

admin — Sat, 16 Oct 2010 15:28:03 +0000

(NEW YORK, October 15, 2010) The Renco Group, Inc. today called on the Republic of Peru to honor its legal obligations and acknowledge its full liability and responsibility for all claims of injury brought by Peruvian citizens stemming from environmental conditions in and around the town of La Oroya, Peru.

Through its State-owned entity Centromin, the Republic of Peru owned the La Oroya Metallurgical Complex from 1974 to 1997. Before and during the period of government ownership, the operations of the La Oroya Complex by Centromin and its predecessor caused environmental contamination in and around the town of La Oroya where the mining complex is located.

In 1997, The Renco Group's affiliate Doe Run Peru acquired substantially all of the shares in the La Oroya Complex from Centromin through a Contract of Stock Transfer. As an important part of the sale, Centromin and the Republic of Peru agreed to take full responsibility for claims of injury or damage relating to contamination emanating from the La Oroya complex.

A group of citizens who live near the town of La Oroya filed eleven lawsuits against The Renco Group and affiliated entities and individuals in the Circuit Court of the State of Missouri, Twenty-Second Judicial Circuit, for the City of St. Louis, Missouri, U.S.A., claiming they have been harmed by environmental contamination in La Oroya. Last month, the court in the U.S. ruled that the lawsuit would go forward in that venue.

The Renco Group, Inc. has now called on Centromin, its successor Activos Mineros S.A.C., and the Republic of Peru to honor their promises and contractual commitments by: (1) appearing in the lawsuits; (2) acknowledging liability and responsibility for any damages that the Peruvian plaintiffs may be awarded in the lawsuits; and (3) releasing and holding The Renco Group and its affiliates harmless from claims made by the plaintiffs in the lawsuits, and reimbursing The Renco Group and its affiliates for all legal fees and expenses.

Juan Carlos Huyhua, President and General Manager of Doe Run Peru, stated: "Consistent with its contractual obligations, Centromin, its successor, and the Republic of Peru must now honor their responsibility and liability towards The Renco Group and its affiliates for any damages that these plaintiffs may be awarded."

About the Renco Group

The Renco Group, Inc. is a private holding company that makes long term investments in companies across a range of industries. Renco operates a decentralized business model with each company's highly experienced management team operating independently and with broad autonomy. All affiliated operating companies are united in their commitment to environmental responsibility, to ensuring the health and safety of their employees, and to respecting and protecting the communities in which they operate.

Doe Run Peru Advancing Toward Re-Start of Operations at the La Oroya Metallurgical Complex

admin — Thu, 05 Aug 2010 17:41:40 +0000

Necessary Support of Doe Run Peru Creditors “Within Reach”

LIMA, PERU (August 5, 2010) Doe Run Peru (DRP) announced today that it is intensifying its efforts for the global solution to re-start operations at the La Oroya Metallurgical Complex.

DRP previously signed a letter of intent which provides a $100 million line of credit and the supply of concentrates with Glencore AG as announced on March 1st of this year. The global solution requires, in part, that DRP provide appropriate guarantees not only to Glencore but also to creditors and the Peruvian government.

However, DRP unexpectedly ran into difficulties in finalizing the financing as a result of a pending bankruptcy process. The Company is working with its creditors to resolve these issues through an accelerated restructuring to secure a viable and sustainable business plan for the good of all stakeholders. This necessary support of the creditors is within reach, and DRP continues to work closely with its creditors to resolve the current issues in our efforts to re-start La Oroya operations through the restructuring process.

DRP has hired local and international experts to assess the implementation of the remaining Environmental Adjustment and Management Plan (PAMA) project at La Oroya. These experts are analyzing and updating the technical and financial timelines to compensate for the delay in the re-opening the facility. DRP remains committed to completing the last of nine environmental projects following the re-start of La Oroya.

During the interim period, until any bankruptcy proceedings are resolved, DRP has announced that the company would continue paying La Oroya workers 70% of salaries during the shutdown, just as it has been doing to date.

The Company’s plan is based on very strong business fundamentals including integrated technology to maximize added value at the La Oroya Metallurgical Complex, our highly-skilled workforce, and significant increases of ore reserves recently discovered at the Cobriza copper mine which will increase current concentrate production to more than 100,000 metric tons per year. These competitive advantages will secure the completion of the environmental projects and the full payment to our creditors in a short period of time.

DRP appreciates the continued patience of its valued workers, La Oroya residents and their surrounding communities, central regions and the country of Peru as DRP continues to work with its strategic partner, creditors and the Peruvian government to resume operations at La Oroya. Resolution of these issues will enable the company to complete the environmental projects in a timely manner, return jobs to the local community and continue contributing to the economy and development of Peru.

Contact:
Jim McCarthy,
Phone: 202.333.8810