Nueva La Oroya, a company formed by the worker creditors, will take control of the La Oroya metallurgical complex in settlement of the monies owing to them, estimated at about US$35 million, and with the intention to restart operations, which were suspended in February.

The plan was agreed by creditors in January, including the Peruvian state as the largest creditor. Total debts are estimated at about $150 million.

Former and current workers have until June 30 to accept the settlement offer.

Worker representative Luis Castillo said the new company planned to undertake about 45 days of maintenance to prepare the facilities for a restart, which will commence with the lead circuit, then the zinc circuit and finally the copper circuit, which requires the construction of a sulphuric acid plant.

The new owners will also look to reinstate workshops for mining equipment maintenance and repair, a service the complex formerly offered mines in the region.

"We are going to open for all the Central region so it will no longer be necessary to take equipment to Lima, but to La Oroya," he said, reported Gestion.

Doe Run Peru was formerly owned by US billionaire Ira Rennert, but the La Oroya complex closed almost a decade ago after the company ran out of funds during the global financial crisis.

Authorities are keen to revive the metallurgical complex which they say will boost Peru's mineral exports. However, a series of failed auctions meant that a buyer could not be found.