Asarco sells assets to Sterlite for $1.7 billion

Copper producer Asarco LLC plans to sell its Amarillo refinery and other operating assets to Sterlite Inc. for $1.7 billion.
The other assets being sold include three copper mines, associated mills and SX-EW plants in Arizona, a copper smelter in Arizona and rod and cake plants and precious metals facility in Texas, according to Vedanta.
Asarco, formerly known as American Smelting and Refining Company, is the third largest copper producer in the U.S.
Sterlite, a subsidiary of Indian metals and mining company Sterlite Industries Ltd. and London-based Vedanta Resources PLC, would not take on asbestos and environmental claims from previous Asarco operations in the U.S., the Amarillo Globe-News reported Tuesday.
A federal bankruptcy judge in Corpus Christi must approve the deal since it's part of Tucson-based Asarco's plan to go into bankruptcy reorganization.
No immediate changes were expected at Amarillo's copper refinery, which has about 350 workers, said Mary Coyne, a spokeswoman for Asarco's Amarillo operations.

Updated : 2021-01-28 20:45 GMT+08:00