Reuters reports that Southern Copper Corp (NYSE:SCCO) announces third-quarter net profit of $365.2 million. The market news is quoted as saying: The company said financial advisors are still evaluating a proposal announced in July to merge Southern Copper with Asarco. Click here to access the entire news
Sterlite Industries, a leading metals major and part of Anil Agarwal’s Vedanta Group, has revised its offer to purchase the assets of Asarco, the Texas-based bankrupt miner, smelter and copper refiner. For full story, click here
Sterlite Industries, the flagship firm of London-listed Vedanta, may get the support of rival bidder Harbinger Capital Partners in its takeover plan for the bankrupt US copper mining firm, Asarco. Harbinger has decided to withdraw from the race, informing the bankruptcy court that its plan to restructure Asarco should not be considered. For full story, [...]
Copper and zinc producer Sterlite Industries Ltd. declared that it will be seeking shareholder approval to surge long-term funds by diluting equity up to 25%. The news sent the stock down by about 4.5% on Tuesday. For full story, click here
By Leia Michele Toovey-Exclusive to Copper Investing News Copper fell for a second day as a stronger dollar made the commodity more expensive for those holding in other currencies; the Dollar Index, a gauge of the currency’s value against six major counterparts, rose for a second day. Further downward impetus came as stockpiling inventories in [...]
The battle for the control of copper miner Asarco, which involves India’s Sterlite Industries, has taken a new turn with a US bankruptcy court allowing the American company to settle environment claims worth $1.1 billion. For full story, click here
NRI billionaire Anil Agarwal-led Sterlite Industries announced that it will compete with any rival bidder to buyout America’s third biggest copper producer Asarco, for which it has already offered $1.7 billion, and declared that it sees the deal getting sealed in the next 3-4 months. Vedanta Resources Deputy Executive Chairman Navin Agarwal stated: There always [...]
NRI billionaire Anil Agarwal-led Sterlite Industries will compete with any rival bidder to buyout America’s third-biggest copper producer Asarco, for which it has already offered $1.7 billion, and said it sees the deal getting sealed in the next 3-4 months. For full story, click here
Grupo Mexico announced that it will study a U.S. federal judge’s ruling ordering its subsidiary Americas Mining Corporation return 260,093,694 shares of Southern Copper Corporation stock, worth $4.68 billion and pay $1.35 billion in monetary damages to Asarco. For full story, click here
Asarco LLC of Tucson, Ariz., announced that it has filed a motion with the U.S. Bankruptcy Court in Corpus Christi, Texas on March 12 under Bankruptcy Rule 9019 seeking the court’s approval to enter into five settlement agreements that will resolve the vast majority of its remaining environmental claims. Joseph Lapinsky, ASARCO’s chief executive office, [...]
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