(With copper at all time highs this company went bankrupt? Will the new company bring in India miners and smelter workers?)

India's Sterlite to buy Tucson copper miner Asarco assets

Associated Press - May 31, 2008 1:05 PM ET

TUCSON, Ariz. (AP) - Tucson-based copper company Asarco has agreed to sell virtually all its assets to an Indian mining company for two point six billion dollars.

Asarco announced the deal with Sterlite Industries (India) today. The sale includes three open pit copper mines and a smelter in Arizona and a copper refinery and processing plant in Amarillo, Texas.

The two companies have agreed to the all-cash deal but it still must be approved by the U.S. Bankruptcy Court in Corpus Christi, Texas.

Asarco filed for bankruptcy protection in August 2005. It is the third-largest copper producer in the United States.

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