Tuesday, July 21, 2009

Asarco marketing its $6 billion court award

Asarco is trying to sell its $6.4 billion court judgement from Southern Copper to more than 100 potential buyers according to a report on Mineweb.com.

The court award Asarco 260 million shares of Southern Copper and $1.4 billion in cash this past spring. It sounds like Asarco would sell the pending award at a discount to get cash now to help pull it out of bankruptcy. Bids are due in early August.

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