Sterlite Industries (India) Limited Revised Offer to Purchase Operating Assets of ASARCO LLC
Sterlite Industries (India) Limited, a subsidiary of Vedanta Resources plc, the London-based FTSE 100 metal and mining group, announced today that it is increasing its offer, for the purchase of substantially all of the operating assets of ASARCO LLC, by approximately US$ 500 million, and has proposed to support a plan of reorganisation that is intended to pay creditors in full their allowed amount...
Americas Mining Corporation Funds $1.3 Billion Escrow
Americas Mining Corporation, (AMC), an affiliate of Grupo Mexico SAB de CV, announced that it in connection with its plan to acquire control of its subsidiary, ASARCO LLC, as part of ASARCO’s ongoing Chapter 11 bankruptcy process and to demonstrate the seriousness of its intentions to regain control of its subsidiary, AMC has funded today a $1.3 billion escrow account for the benefit of ASARCO’s...
Timberline Receives Positive Hydrogeologic Test Results At Its Butte Highlands Gold Project
Timberline Resources Corporation announced the completion of a hydrogeologic study at its 100-percent owned, royalty-free Butte Highlands Gold Project in southwestern Montana. The positive results of the study represent a significant milestone in the permitting process and the proposed underground exploration and development schedule. The study was a requirement for permit application and Timberline...
ASARCO Terminates Purchase Contract with Sterlite
ASARCO LLC announced that it is terminating its contract with Sterlite (USA), Inc., for the sale of its operating assets. ASARCO also announced that it will draw on the $50 million letter of credit posted by Sterlite when it signed the purchase contract on May 30, 2008. “We are taking this action in light of Sterlite’s disclosure to us last week that it ‘cannot and will not’ close the sale...
Court Ordered Mediation May Have Increased Significance for ASARCO’s Reorganization Plan
ASARCO LLC attorneys announced today at a status conference with the U.S. Bankruptcy Court in Corpus Christi, TX that the Company’s plan sponsor, Sterlite (USA), Inc., has stated that it cannot and will not close the sale transaction under the parties’ existing purchase and sale agreement without a reduction in the $2.6 billion purchase price that it contracted to pay for ASARCO’s operating assets. Sterlite...
ASARCO LLC Wins Liability Phase of Fraudulent Transfer Trial against Grupo Mexico
On August 30, U.S. District Judge Andrew Hanen of Brownsville, Texas issued a 190-page opinion holding that Americas Mining Corporation (AMC), a subsidiary of Grupo Mexico S.A. de C.V., had perpetrated a fraudulent transfer to itself of ASARCO LLC’s controlling interest in Southern Peru Copper Corporation (SPCC). The judge ruled that “AMC closed the SPCC transaction with actual intent to hinder...
Americas Mining Company, a Grupo Mexico Affiliate, Files Reorganization Plan to Retain Equity Interest in ASARCO LLC
Americas Mining Corporation, an affiliate of Grupo Mexico SAB de CV (GMEXICO) submitted last evening a reorganization plan to retain its equity interest in its wholly owned indirect subsidiary, ASARCO LLC, by offering full payment to ASARCO’s creditors in connection with ASARCO’s Chapter 11 case. The plan, which was submitted to the Bankruptcy Court in connection with the full payment plan offered...
ASARCO Files Bankruptcy Reorganization Plan
Tucson based ASARCO LLC (ASARCO) announced that it is filing today a Plan of Reorganization with the U.S. Bankruptcy Court in Corpus Christi, Texas. The plan implements the previously-announced sale of ASARCO’s operating assets to Sterlite (USA), Inc., a subsidiary of Sterlite Industries (India) Ltd. and Vendanta Resources plc. It also contains the framework of agreements that ASARCO is formulating...
Sterlite Industries (India) Limited to Purchase Operating Assets of ASARCO LLC for $2.6 billion
Sterlite Industries (India) Limited (“Sterlite”), a subsidiary of Vedanta Resources plc, the London-based FTSE 100 metal and mining group, and ASARCO LLC (“Asarco”), a Tucson based mining, smelting and refining company, announced today that they have signed a definitive agreement for the sale to Sterlite of substantially all the operating assets of Asarco for $2.6 billion in cash. The agreement...
Glencore and Washington Group bidding for Asarco copper mines and smelters
Swiss metals company Glencore, which earlier this year bought U.S. miner Asarco’s zinc operations, now wants to buy Asarco’s remaining copper and molybdenum mining and smelting operations, according to documents filed with a Corpus Christi, Texas, federal bankruptcy court. In a December 26th court filing, which was just made public by a Mexican investor, Glencore said it was forming a joint...
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