Merino explained that the metallurgic company is a private business of the U.S.-based Renco Group, Doe Run's owner, and it has entered an insolvency proceeding in Peru's National Institute for the Defense of Competition and the Protection of Intellectual Property (Indecopi) where all creditors expect to collect their debts.

Therefore, in January the board of creditors reported to Doe Run that they should continue managing the metallurgical complex, but they have to present a viable restructuring plan.

"Renco has submitted a plan that is not feasible because it requires a US$ 65 million in funding of a total US$ 200 million and it expects that the Peruvian government attends the proceedings that Renco has in the United States. This is unacceptable and the Peruvian government is not willing to do so," he added.

(END) JPC/JPC/MOC/LVT