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Tucson, AZ – Tucson based ASARCO LLC (Asarco) President and COO Manuel Ramos announced today that Asarco’s subsidiary AR Silver Bell, Inc. has entered into a sale and purchase agreement with subsidiaries of Mitsui & Co., Ltd. (“Mitsui”) to purchase Mitsui’s 25% stake of Silver Bell Mining L.L.C. Silver Bell Mining operates a copper mine west of Marana, Arizona.
The transaction was concluded immediately after signing.
Going forward, Asarco will then be able to process 100 % of the cathode produced at Silver Bell at its copper refinery in Amarillo, Texas. Silver Bell has an estimated 20 years of copper ore reserves remaining and employs 171 people.
Asarco anticipates maintaining its good relationship with Mitsui which was cultivated over the years through the joint ownership of Silver Bell.
Brief summary of Silver Bell Mine:
Ownership: AR Silver Bell, Inc. – 100%
Location: 35 miles Northwest of Tucson, Arizona
Production: 22,000 tons of copper cathode per year
History: December 1995 – Formed Silver Bell L.L.C. May 1996 – Start construction of copper cathode
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