Asarco Proposes $1.1 Billion for Cleanups

Asarco mining company has submitted a proposal to pay at least $1.1 billion to settle the last of its major environmental liabilities across the country. The Arizona Daily Star reports that the company faces nearly $8 billion in such claims from government agencies seeking payment for environmental cleanup and from individuals who say they were damaged by asbestos-based products of an Asarco unit. Asarco says that if the proposal is approved by the US bankruptcy court in Corpus Christi, it would be the largest environmental settlement in history. This is the latest attempt by the copper company to emerge from bankruptcy and sever its connection with parent company Grupo Mexico. Grupo Mexico is expected to object to the settlement and to the proposed sale of Asarco to an India-based company.