Insolvent Sayapullo's Losses Mount

Wednesday, May 9, 2001

Voluntarily insolvent Peruvian mining company Sayapullo reported a S$1.39mn (US$386,000) net loss in 1Q01, 43% higher than the S$970,000 in same-period 2000.

Sayapullo is involved in a legal dispute with Peruvian polymetallic miner Milpo and is in the process of restructuring.

The company's problems started two years ago when its mine in the north of Peru was damaged by severe storms caused by the El Nino weather phenomenon.

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