ASARCO LLC (Asarco), a subsidiary company of Grupo Mexico, President and COO Manuel Ramos has announced 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 - Started construction of copper cathode plant
July 1997 - Started production of copper cathode
There was no price disclosed in the press release.