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"THE ONLY THING NECESSARY FOR THE TRIUMPH OF EVIL IS FOR GOOD MEN TO DO NOTHING"
--Burke

Thursday, November 3, 2011

Now that Asarco's secret liabilities are behind it, Owner Grupo Mexico says that "Asarco's results were promising".

Now that Asarco's secret liabilities are behind it, Owner Grupo Mexico says that "Asarco's results were promising".  What about the children remaining behind its Asarco El Paso smelter site, and its community that must socialize the costs remaining from the toxins left behind?   The Company profits go to the owners while the costs of polluting a 30-mile-radius zone in a key NAFTA industrialized-zone have been socialized to an unprepared and unknowing community.  Grupo Mexico plans (below) to spend nearly 1/2 billion dollars on Asarco in the next three years but got away with only spending 52 million to "remediate" its century-old site in El Paso TX.   The clean-up TRUST is not required to remediate ANY of the illegal wastes processed there from 1991-1998 and not required to remediate the deep ground-water beneath that old site (a highly toxic arsenic plume moving in a wide swath -- with some of that groundwater plume already reaching the Rio Grand the width of the company's site according to the TCEQ.)

"...Grupo Mexico said that Americas Mining the holding company of the mining division that includes Southern Copper and Asarco could list separate securities in capital markets. It did not give details about what kinds of securities AMC could offer, noting this is one of the strategic alternatives AMC is considering.

Banamex said that floating AMC shares would allow Grupo Mexico to raise capital. ....Mr Muniz [CFO of Grupo Mexico] said that Asarco's results were promising and that the mines in Arizona would be able to increase copper output to 280,000 tonnes by 2016...."

http://www.steelguru.com/metals_news/Grupo_Mexico_scraps_plan_for_mining_unit_merger/233777.html

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