Thursday, December 10, 2009

Grupo Mexico takes control of Asarco

The news from the mining industry is that Grupo Mexico announced it took control of Asarco yesterday, putting up $2.2 billion in cash and transferring another $1.4 billion from Asarco, to pay off creditors. Grupo also backed a $280 million note to Asarco's asbestos creditors.

But in Tucson, the headline news was about the bonuses being requested by Asarco's CEO, other corporate officers, and attorneys for the successful exit from bankruptcy. [right, Mission Mine, Arizona. Credit, Asarco]

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