C’mon Twobreakfasts, give me chance to say “well done” about you for once….
By Alex Emery
June 4 (Bloomberg) — Doe Run Peru union and government
officials today will discuss a state takeover of the company’s
smelter, closed this week because of a lack of financing, a
union leader said.
Peru’s Cabinet Chief Yehude Simon may be open to a takeover
if the unit of New York-based Renco Group Inc. can’t reach an
accord with the government and creditors on a $175 million
bailout, Mining Federation General Secretary Luis Castillo said.
“Simon has promised a Plan B if the bailout falls
through,” Castillo said today in an interview at the
federation’s office in Lima. “A nationalization of the smelter
would favor workers, as the current situation is
The smelter, which was operating at 30 percent of capacity
until last week, closed all its installations on June 2 after
running out of concentrates. Banks froze Doe Run’s accounts on
Feb. 24 after metal prices collapsed. Doe Run says it needs more
time to settle its debts and invest in an environmental cleanup.
Doe Run Peru vice-president Jose Mogrovejo didn’t return
telephone calls or an e-mail seeking comment.