Sterlite to acquire assets of US firm for $2.6 bln

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New Delhi, June 1 (UNI) Country's largest copper and zinc producer Sterlite Industries (India) will acquire all the operating assets of the United States third largest copper producer Asarco LLC for 2.6 billion dollars.

The asset acquisition, which include three open-pit copper mines and a copper smelter in Arizona and a copper refinery, rod and cake plant and precious metals plant in Texas, will be financed by Sterlite through a mix of debt and existing cash resources, a statement said.

Sterlite will assume operating liabilities but not legacy liabilities for asbestos and environmental claims for ceased operations, the statement added.

Asarco, formerly known as American Smelting and Refining Company, produced 2,35,000 tonnes of refined copper and recorded a total revenue of 1.9 billion dollars last year.

Currently, its have estimated reserves of about five million tonnes of contained copper.

The agreement is subject to the approval of the US Bankruptcy Court for the Southern District of Texas, company said in a statement.


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