Toxic sites' cleanup at risk

Toxic sites' cleanup at risk
Mexican purchaser of Asarco accused of crafty plan to shed its liability.

by Les Blumenthal, The Sacramento Bee
March 27th, 2006

It is one of Mexico's most low-profile companies, run by a politically connected family that is no stranger to the bare-knuckles world of international mining.

Now, Grupo Mexico S.A. de C.V. could find itself at the center of the bankruptcy reorganization of Asarco, a century-old American mining and smelting company whose liabilities include the environmental cleanup of 94 Superfund sites in 21 states. The two California sites are in Redding and the East Bay city of Rodeo.

The stakes are high. The bill to clean up Asarco's environmental contamination could total more than $1 billion, according to court filings. Depending on what happens in the bankruptcy reorganization, U.S. taxpayers ultimately could be responsible for the tab.

In addition, more than 85,000 asbestos exposure-related claims worth an estimated $500 million have been filed against Asarco, and more are expected.
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http://www.corpwatch.org/article.php?id=13413