Lafayette’s last straw: Old row with ex-partner
December 26th, 2007
Filed under: Mine - Masbate, Operator - Lafayette, Operator - RRMI, Operator - RRPI
From: Inquirer
By Daxim Lucas
MANILA, Philippines — The recent financial woes of Lafayette Philippines Inc. that brought the Australian-owned mine operator to the brink of bankruptcy has its roots in a past dispute between the firm and its supplier, according to officials familiar with the issue.
In an interview, a government mining regulator told the Philippine Daily Inquirer that the “final straw” in Lafayette’s troubled financial history was a demand letter sent to it by its business partner, Leighton Contractors Philippines Inc. billing the miner for $870,000.
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