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Environmental Rebuild

Tucson, AZ: (Mar-17-08) The US Department of the Interior and the Tohono O'odham Nation of American Indians have been embroiled in a legal dispute with Tucson-based Asarco LLC over rights in the Mission Mine, near Green Valley. Asarco has proposed a settlement in an environmental claim over the Mission Mine on March 14, 2008, which is to cost it $33 million in cash.

Additionally, as part of a Chapter 11 reorganization, the company will assume its obligations regarding the mine, which at two miles square, is one of the biggest copper mines in the country. Assumption requires Asarco to cure any outstanding defaults and prove it can perform in the future.

Company source stated that if the settlement is approved, it would require Asarco to deposit $33 million cash into an escrow account for use in reclaiming portions of the mine. The escrow account caps Asarco's liability for reclamation costs. Under the new deal, some $661 million in claims will be waived and Asarco must pay another approximately $400,000 cash to cover unpaid royalty obligations. [ARIZONA DAILY STAR: ASARCO PROPOSED ENVIRONMENTAL SETTLEMENT FOR MINE NEAR GREEN VALLEY]


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Published on Mar-18-08


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