Mining News June 10, 2009

Copper Briefs, by Ted Lake

ASARCO. A federal bankruptcy judge in Corpus Christi, Texas has approved a payout plan of up to $1.3 billion by ASARCO to settle its last group of environmental claims. The move makes it closer for ASARCO to exit Chapter 11 Bankruptcy proceedings which have been underway since August 2005 RIO TINTO. A published report in London says Rio Tinto which scrapped a $19.5 billion deal to allow Aluminum Corporation of China to purchase up to a 20% stake has run up bills of around $ 1 billion over the failed deal.. Rio Tinto will have to pay $195 million in break up fees, along with $300 in adviser fees and some $400 million in bank underwriting costs. In order to lower its debt, Rio Tinto now has plans to raise $21 billion in stock sales ( rights issues) and to enter into a joint venture with BHP in combing the two companies Western Australian iron operations saving $10 billion. METAL PRICES. Copper on Monday afternoon was selling at $2.28 a pound, silver at $15 an ounce and gold at $952 an ounce.