From MiningNews:Lafayette restructuring hits potholeBevis...

From MiningNews:

Lafayette restructuring hits pothole
Bevis Yeo
Wednesday, November 21, 2007

LAFAYETTE Mining's plans to restructure the company have hit a bump in the road after its cornerstone investor decided not to exercise its call option under their agreement.

Lafayette Mining's Rapu Rapu polymetallic project in the Philippines

The investment, arranged by South East Asia Strategic Assets Funds (SEASAF), would have given SEASAF and the cornerstone investor between 51% and 81.4% of Lafayette.

Lafayette said negotiations with project stakeholders are being held and the company has called for a trading halt which will last until at least November 23.

The company had already settled all its outstanding base and precious metals hedge contracts totalling $US137.6 million ($A153.9 million) for its Rapu Rapu project in the Philippines as part of the agreement with SEASAF.

Shares in Lafayette were last trading at 2.6c.