I got a tip earlier this week that a mill at Asarco‘s Mission mine would be closing this month. So I e-mailed Doug McAllister, the company’s general counsel, about it. He said it isn’t the case, but his broader message was about as reassuring as this economy is:
With copper prices down and heading downward, we’re trying to come up with every way we can to reduce costs, but no decision has been made to close plants or mills anywhere in our system. We’re trying to pick low hanging fruit in cost reduction before doing something more drastic.
File photo
Asarco has been in bankruptcy for more than three years and is struggling to emerge. Up until the last few years it has been doing well, making more than $1 billion in profit. But it actually lost money in October.
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