Posted on: May 12th, 2008
Filed Under: [ Business ] [ Blogante Business ]
Tags: Mexico, Peru
The allegations of Arizona-based mining company Asarco LLC against its Mexican parent company are like a tale of mining itself: the parent company stripped the subsidiary of its most valuable assets and left behind a fragile shell.
Asarco claims Grupo Mexico knew after acquiring Asarco in 1999 that it faced potential liabilities exceeding $1 billion (€0.65 billion).
The liabilities stemmed from asbestos claims against Asarco as well as environmental cleanup of 20 Superfund sites around the United States. So, Asarco alleges, Grupo Mexico transferred one of Asarco’s most valuable assets — two Peruvian copper mines — to Grupo Mexico’s mining subsidiary, Americas Mining Corp., to protect it from being used to pay thousands of creditors.”*
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