Arizona Daily Star 2004

Related articles:

Judge orders Asarco to mediate with Grupo Mexico representativesAsarco will contest suitor bowing out of $2.6B bid in May

Other articles by Gabriela Rico:

Casino-resort plan backed Asarco offers $1.1B for cleanupsTucson's Asarco would pay $1.1B to settle environmental claims nationwideWind-farm parts rolling throughFirst Magnus executives are sued for $1 billion Traen subasta de autos clásicos Collector-car auction at the TCC: Gaze longingly or bring fat walletGem-show vendors lament Tucson's lack of flightsO'odham to build largest AZ casino-resort near Glendale Cierran dos populares restaurantes

Sales and Marketing
Everready Glass
Sales Reps Trades/Construction
RANCHO RESORT
MAINTANANCE POSITION Administrative & Professional
Jorgensen Brooks Group
Counselor Administrative & Professional
Tucson Urban League
CEO/President Finance and Accounting
Charles E. Gillman Company
Accounting Specialist Mechanical
Komatsu Equipment Co
Resident Field Mechanic

London-based Vedanta Resources cannot go forward with plans to acquire Tucson copper producer Asarco LLC, lawyers for both companies told a federal judge today.

Lawyers cited the ongoing credit crisis and falling copper prices as the reason for abandoning the $2.6 billion offer to have Vedanta subsidiary Sterlite Industries bring Asarco out of bankruptcy, Asarco announced.

It is likely welcome news for Asarco's former parent company, Mexico City-based Grupo Mexico, which has been trying to regain control of Asarco since a bankruptcy judge gave it only one-third control of the company in 2005.

Since that time, Asarco has been operating with an independent board appointed by the bankruptcy judge and has been seeking to sever its relationship with Grupo Mexico.

Asarco is Southern Arizona's 20th-largest employer, according to this year's Star 200 survey of employers. It had 2,185 full-time-equivalent employees and an area payroll of $103 million. The company recently consolidated its headquarters offices at 5285 E. Williams Circle.

Asarco operates the Mission Mine, near Sahuarita; the Silver Bell Mine, near Marana; and the Ray Mine, near Kearny, as well as a smelter at Hayden. It also has a refinery and other plants in Texas.

Copper prices have fallen sharply in recent weeks to around $2.21 cents from a high of nearly $4 earlier this year.