Exhibit
10.23.2


 


 


BANCO DE
CREDITO OVERSEAS LIMITED


 


NASSAU - BAHAMAS


 


September 12th,
2002


 


Mr. Erik
Peitz

Doe Run Peru

Victor Andrés Belaunde 147

Torre Real Piso 9

San Isidro


 


 


Dear sir:


 


Please be informed that due to the closure of Banco de Credito’s New
York Branch offices all communications for BCOL on behalf of Doe Run Peru and
Doe Run Resources must be directed to the attention of Reynaldo Llosa B. and
sent to the following address:


 


Calle Centenario s/n

Santa Patricia, La Molina

Piso 1

Area de Banca Corporativa


 


	
  Best regards,

  
	
   

  
	
  /s/ Walter Bayly

  
	
  Walter Bayly

  
	
  Senior Vice President

  



 

















 


BANCO DE CREDITO OVERSEAS LIMITED


 


NASSAU - BAHAMAS


 


September 12th, 2002


 


Doe Run
Peru

Victor Andrés Belaunde 147

Torre Real Piso 9

San Isidro


 


At. Mr. Erik Peitz


 


Dear Sirs:


 


Please be informed that we have received by fax the necessary
documentation needed in order to terminate and pay any outstanding debt for the
Contract for Loan in Foreign Currency for the sum of US$ 125,000,000 with
value date September 12, 2002.


 


As agreed we will cancel this operation with back value Sept 12th
as soon as the original documentation is received by us.


 


	
  Sincerely,

  
	
   

  
	
  /s/ Walter Bayly

  
	
  Walter Bayly

  
	
  Senior Vice-President

  



 

















 


[LETTERHEAD OF THE DOE
RUN COMPANY]


 


	
   

  	
  September 12, 2002

  



 


Mr. Kenneth E. Hecker

Mr. Anthony W. Worcester

Doe Run Peru S.R.L.

Avenida Victor Andres Belaunde 147

Centro Empresarial

Camino Real Torre 3

Piso 9

San Isidro

Lima, PERU


 


RE:          Contract
for Loan in Foreign Currency and Special Term Deposit


 


Dear Messrs. Hecker and Worcester:


 


This letter sets forth our agreement as of this date
that The Doe Run Resources Corporation hereby authorizes Doe Run Peru S.R.L. to
instruct Banco de Credito Overseas Limited (the “Bank”) to offset DRR’s Special
Term Deposit in the amount of US$125,000,000.00 plus interest accrued to date,
held by such Bank, against the prepayment in full of the Contract for Loan in
Foreign Currency dated March 12, 1998 and the related Promissory Note of Doe
Run Peru S.R.L., as successor in interest by merger to Doe Run Mining S.R.
Ltda.


 


To effect such authorization, Doe Run Peru hereby
agrees to execute that certain Subordinated Promissory Note of even date
herewith in the principal amount of US$139,062,500.00, which promissory note is
payable to The Doe Run Resources Corporation and represents the original
US$125,000,000.00 note amount plus accrued interest to September 12,
2002.  Accordingly, please execute and
deliver the original of the aforesaid note to Marvin Kaiser of our office for
safekeeping.


 


	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
  /s/ Jeffrey L. Zelms

  	
   

  
	
   

  	
  Jeffrey L. Zelms

  
	
   

  	
   

  
	
  Cc:  Dr. Raul
  Ferrero

  	
   

  



 

















 


[LETTERHEAD OF THE DOE
RUN COMPANY]


 


	
   

  	
  September 12, 2002

  



 


Banco de Credito Overseas Limited

410 Park Avenue, 9th Floor

New York, New York


 


RE:                              Cancellation
and Offset of Special Term Deposit Contract

Reference:  Account 100986


 


Ladies and Gentlemen:


 


This letter is being given to you in connection with
that certain special Term Deposit Contract dated as of March 12, 1998 (the
“Deposit Contract”) between The Doe Run Resources Corporation (“DRR”) and Banco
de Credito Overseas Limited (the “Bank”), wherein DRR deposited the original
principal sum of One Hundred Twenty-Five Million and no/100 US Dollars
into the account of the Bank and that certain Contract for Loan in Foreign
Currency dated as of March 12, 1998 between Doe Run Mining S.R. Ltda. (“DRM”)
and the Bank (the “Loan Document”), together with that certain Promissory Note
of DRM dated March 12, 1998 in the original principal amount of
US$125,000,000.00 by DRM (the “Note”) issued pursuant to the Loan
Document.  Doe Run Peru S.R.L. (“DRP”)
is the successor in interest to DRM by merger effective as of June 1, 2001.


 


Pursuant to this Letter, please be advised of our
decision to cancel the DRR deposit No. 67600999 opened in your Bank
pursuant to the aforementioned Deposit Contract for the sum of One Hundred
Twenty-Five Million and no/100 US Dollars (US$125,000,000.00) with value date
September 12, 2002, plus all accrued interest, and to apply the entire
principal and interest against the Loan Document and Note of DRP as successor
in interest to DRM, with such offset effective as of this date.  Accordingly, the funds from the DRR deposit
will be used to cancel the related DRP credit facility with the Bank
No. 528286 for the same amount.


 


	
   

  	
  Best Regards,

  
	
   

  	
   

  
	
   

  	
  /s/ Jeffrey L. Zelms

  	
   

  
	
   

  	
  Jeffrey L. Zelms