Apex Silver Emerges From Chapter 11 as Golden Minerals Company

Apex Silver Mines Limited reported that the Joint Plan of Reorganization filed by the Company and its wholly owned subsidiary, Apex Silver Mines Corporation became effective on March 24, 2009 and that the Company and ASMC have emerged from Chapter 11 proceedings. Under the Plan, Golden Minerals Company, a newly-formed Delaware corporation, is the successor to the Company’s assets. The Company’s... 

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Patriot Coal Negotiates Comprehensive Environmental Settlement

Patriot Coal Corporation said that it has entered into a consent decree with the United States Environmental Protection Agency (EPA) and the West Virginia Department of Environmental Protection (WVDEP) to resolve claims under the Clean Water Act relating to Patriot’s mining activities in West Virginia. “Consistent with our corporate mission to be a good steward of the environment and our... 

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Revett Receives Approval of Rock Creek Environmental Assessment

Revett Minerals Inc. 67% held subsidiary, Revett Silver Company, and its wholly owned subsidiary RC Resources Inc. is pleased to announce it has received notice from the Montana Department of Environmental Quality (MDEQ) that the draft Environmental Assessment (EA) covering final design modifications of the Rock Creek Project, located in Sanders County Montana, has been approved as final with several... 

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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... 

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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... 

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Appeals Court Ruling Good News for Environment and Economy

A Federal Appeals Court today vacated a lower court’s decisions that invalidated mining permits in the Lake Belt area of Northwest Miami-Dade County and shut down limestone mining operations in approximately one-third of that area. The appellate court concluded that the lower court rulings of March 22, 2006 and July 13, 2007 were wrongly decided and ended a nearly 10 month shut-down of some of the... 

Agreement lets coal operator post bond

An Eastern Kentucky coal operator accused of chronic failure to pay federal health and safety penalties has agreed to post a bond to cover future fines. Stanley Osborne of Pike County will post a $20,000 bond within 10 days of becoming an operator or agent of a coal company, according to an agreement filed yesterday in federal court. The agreement also includes an injunction barring Osborne from failing... 

Group sues to stop drilling in refuge

A conservation group is suing to stop energy exploration in a national wildlife refuge next to the Great Sand Dunes National Park in south-central Colorado. The lawsuit filed Tuesday in U.S. District Court by the San Luis Valley Ecosystem Council claims that the U.S. Fish and Wildlife Service violated federal law by failing to conduct an environmental review of plans to drill oil and gas wells in the... 

Group sues to stop drilling in refuge

A conservation group is suing to stop energy exploration in a national wildlife refuge next to the Great Sand Dunes National Park in south-central Colorado. The lawsuit filed Tuesday in U.S. District Court by the San Luis Valley Ecosystem Council claims that the U.S. Fish and Wildlife Service violated federal law by failing to conduct an environmental review of plans to drill oil and gas wells in the...