Document:

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EXHIBIT 10.1.4

                              EMPLOYMENT AGREEMENT

         AGREEMENT made as of the 7th day of April, 1994, between THE DOE RUN
RESOURCES CORPORATION, a New York corporation, doing business in Missouri under
the trade name "The Doe Run Company" (herein called the "Company"), with its
principal office at 1801 Park 270 Drive, St. Louis, Missouri 63146 and John E.
FitzSimmons ("Employee").

                                   WITNESSETH:

         WHEREAS, Employee has for some years been employed by the Company or a
predeessor, and Company desires to continue to employ the Employee and Employee
desires to continue to be employed by the Company, all on the terms hereof;

         In consideration of the mutual covenants herein contained, it is hereby
agreed as follows:

         1.   TERM AND DUTIES.

         Commencing on the date of this Agreement and continuing until October
31, 1999, unless sooner terminated or extended as herein provided (the
"Employment Term"), the Company shall continue to employ the Employee as its
Vice President and General Manager-Smelting. During the Employment Term the
Employee shall continue to devote all of his business time and his best efforts
to the business of the Company, and its subsidiaries, as may be necessary to
perform his duties hereunder, in accordance with the policies, procedures,
business plans and budgets from time to time established by the Board of
Directors, and the Chairman of the Board and the President and shall not have
any other business affiliations. Employee hereby accepts continued employment
hereunder.

         2.   COMPENSATION.

         In full compensation for the services to be rendered by the Employee to
the Company and its subsidiaries hereunder, during the Employment Term, the
Company will pay to the Employee, and the Employee shall accept:

                  (a) A basic annual salary of $132,600 for each employment year
         of the Employment Term payable in installments not less frequently than
         monthly, and increased as the Board of Directors may, from time to
         time, determine in its discretion; plus

                  (b) For each fiscal year (November 1 to October 31) of the
         Company ending during the employment of the Employee, a year end bonus
         of not less than $30,000 nor more than $60,000 as may be determined by
         the Company in its sole discretion, PROVIDED THAT the Employee is in
         the employ of the Company at the close of such year and the Company
         shall not have incurred a net loss before taxes for such fiscal year
         determined in accordance with generally accepted

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         accounting principles followed by the Company in preparing its audited
         balance sheet as of the date of this Agreement but before giving
         effect to this clause (b), and to like provisions in any other
         employment agreement to which the Company is a party. The bonus for
         each fiscal year shall, if due, be paid as promptly as practicable
         after the independent accountants for the Company shall have
         determined, and reported in writing, as to whether the Company had a
         net loss within the meaning of this clause (b) for such year; plus

                  (c) such additional amounts, if any, as the Board of Directors
         of the Company may determine from time to time in its discretion.

         3.   PLACE OF EMPLOYMENT.

         The Employee's regular place of employment during the Employment Term
shall be at the Herculaneum Smelting Division of the Company in Herculaneum,
Missouri. The Employee may not be required to relocate without his consent.

         4.  TRAVEL; EXPENSES.

         The Employee shall engage in such travel as may reasonably be required
in connection with the performance of his duties, in accordance with prior
practice.
          All reasonable travel and other expenses incurred by the Employee (in
accordance with the policies of the Company established from time to time) in
carrying out his duties hereunder will be reimbursed by the Company on
presentation to it of expense accounts and appropriate documentation in
accordance with the customary procedures of the Company for reimbursement of
executive expenses. The Employee shall be entitled to a travel expense advance
in the discretion of the Company when anticipated travel warrants such advance.

         5. Early Termination of Employment Term ON DISABILITY OR DEATH.

                  (a) If during the Employment Term, the Employee fails because
         of illness or other incapacity (including incapacity because of
         substance abuse) to render to the Company the services required of him
         hereunder for a period of two months (during which the Company shall
         continue the Employee's compensation at the rates herein provided), the
         Company may, in its discretion, give one month notice of termination of
         the Employment Term (during which the Employee's compensation shall
         likewise be continued), and if the Employee shall not resume full
         performance of his duties within such one month period, the Employment
         Term shall terminate at the expiration thereof, provided that any such
         termination shall not affect the right of the Employee (or his estate)
         to continue to receive benefits under any disability insurance plan or
         program covering the Employee which is in effect at the date of
         termination, and further provided that if any such termination shall be
         during a fiscal year and the Company shall not have a net loss before
         income taxes determined as provided in paragraph 2(b) for such fiscal
         year, the Employee shall be entitled to a pro-rata portion of the
         minimum bonus for such year based on the number of full months worked
         by him in such year.

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                  (b) The Employment Term shall end upon the death of the
         Employee, provided that (i) if the Employee shall die during a fiscal
         year, and the Company shall not have a net loss, determined as provided
         in paragraph 2(b), for such fiscal year, the Employee shall be entitled
         to a pro-rata portion of the minimum bonus for such year, based on the
         number of full months worked by him during such year.

         6.   VACATION.

         During the Employment Term, the Employee shall be entitled to vacation
periods in accordance with previously agreed-to vacation entitlement or with the
*Vacation Policy for St. Louis Office Employees on April 7, 1994, to be taken at
such time or times as shall be mutually convenient to the Company and the
Employee (but not more than two weeks consecutively except as may be
specifically approved by the President). Unused vacation shall not accumulate
from year to year.

*   1-4 years service = 2 weeks vacation
    5-11 years service = 3 weeks vacation
    12-19 years service = 4 weeks vacation
    20-29 years service = 5 weeks vacation
    30 or more years service = 6 weeks vacation

     7.   CONFIDENTIALITY; COMPETITION.

                  (a) For the purposes hereof, all confidential information
         about the business and affairs of the Company (including, without
         limitation, business plans, financial and marketing information and
         information about its secrets and machinery, designs, plans patterns
         and specifications, formulae, processes, inventions and discoveries,
         and name of suppliers and customers and nature of dealings with them)
         constitute "Company Confidential Information. " For some years, the
         Employee has been a senior officer of the Company or a predecessor. He
         acknowledges that he has in the past had, and will continue to have,
         access to and knowledge of Company Confidential Information, and that
         improper use or revelation of same by the Employee during or after the
         termination of his employment by the Company could cause serious injury
         to the business of the Company. Accordingly, the Employee agrees that
         he will forever keep secret and inviolate all Company Confidential
         Information which shall have come or shall hereafter come into his
         possession, and that he will not use the same for his own private
         benefit, or directly or indirectly for the benefit of others, and that
         he will not disclose such Company Confidential Information to any other
         person.

                  (b) During the Employment Term, the Employee will not (whether
         as an officer, director, partner, proprietor, investor, associate,
         employee, consultant, adviser, public relations or advertising
         representative or otherwise), directly or indirectly, be engaged in any
         aspect of the business of lead mining, milling, recycling or sale
         within the continental United States (which the parties acknowledge is
         the Company's trading area). For purposes of the preceding sentence,
         the Employee shall be deemed to be engaged in any business which any
         person for whom he shall perform services is engaged. Nothing herein
         contained shall be deemed to prohibit the Employee from owning, as a
         passive investment, a security of any issuer which is not a supplier,
         vendor, customer or competitor of the Company.

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                  (c) Within the terms of this Agreement, it is intended to
         limit disclosure and competition by the Employee to the maximum extent
         permitted by law. If it shall be finally determined by any court of
         competent jurisdiction ruling on this Agreement that the scope or
         duration of any limitation contained in this paragraph 7 is too
         extensive to be legally enforceable, then the parties hereby agree that
         the scope and duration (not greater than that provided for herein) of
         such limitation shall be the maximum scope and duration which shall be
         legally enforceable and the Employee hereby consents to the enforcement
         of such limitation as so modified.

                  (d) The Employee acknowledges that any violation by him of the
         provisions of this paragraph 7 could cause serious and irreparable
         damages to the Company. He further acknowledges that it might not be
         possible to measure such damages in money. Accordingly, the Employee
         further acknowledges that, in the event of a breach or threatened
         breach by him of the provisions of this paragraph 7, the Company may
         seek in addition to any other rights or remedies, including money
         damages, an injunction or restraining order, restraining the Employee
         from doing or continuing to do or perform any acts constituting such
         breach or threatened breach.

         8.   EMPLOYEE'S INVENTIONS.

         The Employee agrees to assign and transfer to the Company, its
successors and assigns, his entire right, title and interest in and to any or
all inventions, designs, discoveries and improvements which he may make, either
solely or jointly with others, during the Employment Term hereunder and for a
period of one (1) year thereafter, which relate in any way to the business or
products of the Company, together with all rights to letters patent which may be
granted thereon. Immediately upon making any inventions, designs, discoveries or
improvements, the Employee shall notify the Company and, without further
compensation, shall execute and deliver to the Company such documents as may be
necessary to prepare or prosecute applications for patents upon such inventions,
designs, discoveries and improvements, and shall assign and transfer to the
Company his entire right, title and interest therein. the Company shall pay all
expenses involved in carrying out the provisions of this paragraph 8.

         9.   BENEFITS.

         The company agrees to provide to the Employee during the Employment
Term the retirement plan, 401-(k) Savings Plan, medical, hospitalization,
dental, life and AD&D, disability, travel accident insurance, as well as the
executive auto allowance program and other benefits as provided to the Employee
on March 31, 1994.

         10.   EMPLOYEE'S REPRESENTATION.

         Employee hereby represents to the Company that he has full right and
power to enter into his Agreement and carry out his duties hereunder, and that
same will not constitute a breach of or default under any employment,
confidentiality, non-competition or other agreement by which he may be bound.

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         11.   DEFAULT BY EMPLOYEE.

         If the Employee shall:

               (i)  commit an act of dishonesty against the Company or fraud
                    upon the Company; or

               (ii) breach his obligations under-this Agreement and fail to cure
                    such breach within five (5) days after written notice
                    thereof; or

               (iii) be convicted of a crime involving moral turpitude; or

               (iv) fail or neglect diligently to perform his duties hereunder
                    and continue in his failure after written notice;

then, and in any such case, the Company may terminate the employment of the
Employee hereunder and, in the event of any such termination, the Employee shall
no longer have any right to any and all benefits (including future salary
payments) which would otherwise have accrued after such termination.

         12.   AUTOMATIC RENEWAL.

         This Agreement shall automatically renew and be extended from year to
year upon the expiration of the Employment Term (as extended if extended) unless
terminated by either party by written notice given to the other at least three
months prior to its termination date. If any such notice shall be given, this
Agreement shall terminate on the next succeeding October 31.

         13.   SUCCESSORS.

         The rights, benefits, duties and obligations under this Agreement shall
inure to and be binding upon the Company, its successors and assigns and upon
the Employee and his legal representatives, legatees and heirs. It is
specifically understood, however, that this Agreement may not be transferred or
assigned by the Employee. The Company may assign any of its rights and
obligations hereunder to any subsidiary or affiliate of the Company, or, by
written instruction to a successor or surviving corporation resulting from a
merger, consolidation, sale of assets or stock, or other corporate
reorganization, on condition that the assignee shall assume all of the Company's
obligations hereunder (but nevertheless the Company shall remain liable
hereunder) and it is agreed that such successor or surviving corporation shall
continue to be obligated to perform the provisions of this Agreement.

         14.   NOTICES.

         Notices hereunder shall be in writing and shall be sent by telegraph or
by certified or registered mail, telecopy, or recognized overnight delivery
service (such as Federal Express) prepaid as follows:

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TO EMPLOYEE:                               TO COMPANY:

John E. FitzSimmons                        The Doe Run Company
P. O. Box 476                              c/o The Renco Group, Inc.
Viburnum, MO 65566                         45 Rockefeller Center
                                           New York, New York 10111
                                           Attention:  Ira Leon Rennert
                                           Chairman

                                           After October 1, 1994:
                                           30 Rockefeller Plaza
                                           42nd floor
                                           New York, NY

                                           with copies to:

                                           The Doe Run Resources
                                               Corporation
                                           1801 Park 270 Drive
                                           St. Louis, Missouri 63146
                                           Attention:  President

                                                   and

                                           Baer Marks & Upham
                                           805 Third Avenue
                                           New York, New York 10022
                                           Attention:  Justin W. D"Atri, esq.

and shall be deemed to have been given when telecopied to the addressee or three
days after placed in the mail or the second business day following delivery to a
recognized overnight delivery service (such as Federal Express) or a telegraph
company, prepaid and properly addressed. Notices to the Employee may also be
delivered to him personally. Notices of change of address shall be given as
provided above, but shall be effective only when actually received.

         15.   WAIVERS.

         The failure of either party to insist upon the strict performance of
any of the terms, conditions, and provisions of this Agreement shall not be
construed as a waiver or relinquishment of future compliance therewith, and said
terms, conditions, and provisions shall remain in full force and effect. No
waiver of any term or condition of this Agreement on the part of the Company,
shall be effective for any purposes whatsoever unless such waiver is in writing
and signed by the Company.

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         16.   ENTIRE AGREEMENT; GOVERNING LAW.

         There are no oral or written understandings concerning the Employee's
employment outside of this Agreement and the separate Net Worth Appreciation
Agreement between the Company and the Employee. This Agreement may not be
modified except by a writing signed by the parties hereto. This Agreement
supersedes any and all prior employment agreements or understandings. This
Agreement is made under, and shall be construed in accordance with, the laws of
the State of Missouri, applicable to agreements to be performed wholly within
that state.

         IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

                                  THE DOE RUN RESOURCES CORPORATION
Attest:                           doing business as THE DOE RUN COMPANY

/s/ NICOLE FEERICK                     By:  /s/  IRA LEON RENNERT    10/21/94
------------------                          ---------------------------------
Witness:

/s/ LIL RAPERT                          /s/ JOHN E. FITZSIMMONS   8/11/94
--------------                          ---------------------------------
                                        John E. FitzSimmons, Employee<PAGE>

EXHIBIT 10.2.4

                              DR ACQUISITION CORP.
                      c/o THE DOE RUN RESOURCES CORPORATION
                               1801 PARK 270 DRIVE
                            ST. LOUIS, MISSOURI 63146

As of April 7, 1994

Mr. J. E. FitzSimmons
c/o The Doe Run Resources Corporation 1801 Park 270 Drive
St. Louis, Missouri 63146

             Re: NET WORTH APPRECIATION AGREEMENT

Dear Mr. FitzSimmons:

         This will confirm the understanding of this corporation, (the
"Company") with you, effective upon acquisition by this corporation of the
capital stock of The Doe Run Resources Corporation ("Doe Run"), with respect to
your Net Worth compensation to you as an employee of Doe Run.

         1. VESTING.

         On March 31, 1997, provided that you have been continuously in the
employ of Doe Run from the date hereof through that date, you shall receive a
net worth appreciation credit of 3/5ths of 1% and on March 31 in each of the
years 1998 and 1999 you shall receive an additional net worth appreciation
credit of 1/5th of 1%, provided that you have been continuously in the employ of
Doe Run from the date hereof to the applicable March 31, for a maximum credit,
if you remain in the employ of Doe Run continuously through March 31, 1999, of
1%. You shall not receive any credit unless you remain in the employ of Doe Run
from the date hereof continually until March 31, 1997, and thereafter you shall
not receive credit for any partial year, provided that (a) if your employment
terminates due to death or permanent disability preventing you from performing
your usual employment functions and duties ("disability") on or after March 31,
1995 and prior to March 31, 1997, you shall receive a credit of 1/5th of 1% if
such termination is prior to March 31, 1996 and 2/5ths of 1% if such termination
is on or after March 31, and prior to March 31 1997, and (b) if your employment
terminates after March 31, 1997 and before March 31, 1999, due to death or
disability, you shall receive a credit of 1/5th of 1% for the partial year in
which the termination takes place (in addition to all credits previously
accrued)

         2. NET WORTH APPRECIATION BENEFIT.

         Upon the termination of your employment by Doe Run, other than for
legal cause, you shall be entitled to a net worth appreciation payment
("Payment") equal to the product of (a) the total percentage credited to you
under paragraph 1 (a maximum of 1%) multiplied by (b) the "net worth increment."
The "net worth increment" is the amount, if any, by which the consolidated net
worth of this Company and its subsidiaries, as at the end of its fiscal quarter
immediately preceding the date of your termination, exceeds its consolidated net
worth as of the date hereof, provided, however, that any increase in net worth
resulting from a capital contribution to the Company or Doe Run or the sale of

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stock of the Company or Doe Run shall be disregarded in calculating "net worth
increment". The determination of the independent public accountants for the
Company as to the net worth increment, made in accordance with generally
accepted accounting principles, consistently applied, shall be conclusive on
each of us. If there is no "net worth increment", no amount shall be payable. If
your employment is terminated for legal cause, you shall not be entitled to
receive any payment.

         3. PAYMENT.

         The Payment shall be payable to you (or your designee or estate) in 40
equal quarterly installments, without interest, commencing three (3) months
after the termination of your employment, and at 3 month intervals thereafter.

         4. DIVIDENDS; SALE OF SUBSTANTIALLY ALL OF THE COMPANY'S STOCK OR
ASSETS.

         (a) If and in the event either Doe Run or the Company shall pay either
a dividend or management fee or any other form of distribution in excess of
$1,200,000 annually to The Renco Group, Inc. ("Renco") or any affiliate, other
than a subsidiary of the Company, (this distribution shall include any transfer
of assets from the Company or Doe Run to Renco or any other subsidiary company
of Renco in any form whether as cash or other form of value which shall have the
effect of reducing the net worth of the Company) while you shall be employed by
Doe Run, then you shall be entitled to receive, as additional compensation, an
amount equal to 1% of such cash dividend or distribution. This provision shall
not apply to intercompany payments among the Company and its own wholly-owned
subsidiaries or among two wholly-owned subsidiaries of the Company, or to
reimbursement to Renco a proportionate part of costs, such as audit charges and
insurance premiums, paid by Renco on behalf of itself and of its subsidiaries
including the Company and Doe Run;

         (b) If, while you shall be employed by Doe Run (and whether before or
after March 31, 1997), all or substantially all the stock or assets of the
Company or of Doe Run shall be sold to a person who is not an affiliate of Ira
Leon Rennert, or if The Renco Group, Inc. sells a controlling interest in the
Company, then, upon the closing of such sale, your full 1% net worth
appreciation credit shall be deemed to be vested, and you shall be entitled to
receive as payment in full of your participation, your pro rata share (1%) of
the "net proceeds" of the sale, in kind, on the same terms and conditions as the
Company or its shareholder is being paid. "Net proceeds", for purposes hereof,
shall mean the amount if any, by which the proceeds of the sale after deducting
all expenses of the sale, all applicable federal, state and local taxes, and all
liabilities retained by the seller exceeds the consolidated net worth of the
Company on the date hereof. Except for such payment, neither you nor this
Company nor Doe Run have any further rights or liabilities hereunder.

         5. CONDITION PRECEDENT.

         The Company's obligation to make the Payment to you shall be
conditioned on your faithful adherence to your employment arrangements with Doe
Run and on your refraining from engaging, during the period over which such
payments are to be made to you, directly or indirectly in any activity which is
competitive with the business engaged in by Company or Doe Run at the date of
termination of your employment. If you do engage in any such competitive
activities, then we shall no longer be obligated to make any payments to you
hereunder.

         6. NOTICE.

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         Any notices to be sent pursuant hereto shall be sent by hand, certified
or registered mail or overnight service to you, at the address indicated above
and to the Company, c/o The Renco Group, Inc. at 45 Rockefeller Plaza (36th
Floor), New York, New York 10111 (after October 1, 1994: 30 Rockefeller Plaza,
New York, New York - 42nd floor), to the attention of Ira Leon Rennert, or to
any other address which any of us may designate by notice in writing.

         Please confirm that the foregoing correctly sets forth our full
agreement with respect to your net worth appreciation benefit by signing and
returning the enclosed copy of this letter.

         Very truly yours,

         DR ACQUISITION CORP

         /s/ Ira Leon Rennert  10/21/94
         ------------------------------
         Ira Leon Rennert
         Chairman of the Board

         Accepted and Agreed to:

         /s/ J. E. FitzSimmons  8/11/94
         ------------------------------
         J. E. FitzSimmons

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             FIRST AMENDMENT TO THE NET WORTH APPRECIATION AGREEMENT

         MARCH 12, 1998

         This will confirm our agreement with you to amend your Net Worth
Appreciation Agreement as follows:

         1) DR Acquisition Corp. hereby assigns the Net Worth Appreciation
Agreement to The Doe Run Resources Corporation ("Doe Run") and Doe Run accepts
such assignment.

         2) The definition of net worth increment will be changed to a)
substitute Doe Run for the Company and b) exclude from consolidated net worth
all preferred stock.

         The economic effect of such changes is that the redemption of the
preferred stock of Doe Run will not reduce net worth increment.

         3) Paragraph 4(a) of the Agreement is amended by substituting
$2,400,000 for $1,200,000.

         Please acknowledge the foregoing by signing below.

         Very truly yours,

                                              DR Acquisition Corp.
                                      The Doe Run Resources Corporation

                                              /s/Ira Leon Rennert
                                              Chairman of the Board

         Accepted and agreed to:

         /s/John E. FitzSimmons

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