Asarco: a cautionary tale of mining methods, financial manipulations, and regulatory lapses
In this morning’s news is a story about cooperation between a US Democratic Congressman and a Republican Congressman. They are cooperating to demand that the Justice Department “investigate the environmental track records of Sterlite, its parent company Vedanta and other companies seeking to gain ownership of Asarco.”
Currently Asarco is owned by Grupo Mexico and has been the topic of many a story about a legal battle, so complex I cannot pretend to understand it. These two paragraphs sum up the issues:
Lawyers for a century-old Arizona-based mining company are set to make their closing arguments in a month-long trial over whether its Mexican parent illegally stripped it of its most valuable asset, leaving the company to flounder into bankruptcy.
Asarco LLC is asking a federal judge in Brownsville to order Americas Mining Corp. to return that asset — a controlling stake in two Peruvian copper mines — and the dividends it has provided. The combined value is estimated to exceed $10 billion.
Deep in the InfoMine Companies & Properties database, we find this:
July 11, 2008 2 Comments
