The first auction of the assets of Doe Run Peru (DRP), the La Oroya metallurgical complex (CMLO) and the Cobriza mining unit (UMC), was held recently, according to the sale schedule approved in February by the board of creditors, which is chaired by the Ministry of Energy and Mines who has fostered consensus to make the sale feasible.The mine is located in the district of San Pedro de Coris, province of Churcampa, in the Huancavelica region, at 2,200 meters above sea level.
The first auction, with a base price of $271.7 million, was declared deserted because of a lack of bidders. This was the first of three calls and, according to the legal procedure, the second auction should be done with a 15% discount off the base price, so about $230 million for both assets ($190 million for the CMLO and $40 million dollars for the UMC.
According to the schedule of the Integrated Bases, the second auction will be held on March 21.
In order to participate in the auction, bidders must pay a participation fee of $40 million, corresponding to 10% of the conventional value of the DRP assets.