Asarco Fighting To Recover Billions Of Dollars In Brownsville
BROWNSVILLE, Texas (AP) – Mining company Asarco’s fight to recover billions of dollars began today in civil court in Brownsville.
Asacro attorney Irvin Terrell, in opening statements, described parent Grupo Mexico as a greedy company that did all it could to strip Asarco of its “crown jewel.” That was a controlling stake in Southern Peru Copper.
Terrell says the leaders of Grupo Mexico knew that transferring Asarco’s most valuable asset to Americas Mining would leave the company with a gaping hole in its cash flow.
On the line in this trial will be a chance for a long list of Asarco’s creditors – to get paid.
Grupo Mexico acquired Asarco in 1999.
Asarco, which operates three mines and a smelter in Arizona, as well as a copper refinery in Amarillo, filed for bankruptcy in August 2005.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
