Montana properties Asarco has an interest in include:
Published by MAC on 2002-06-16Montana properties Asarco has an interest in include:
- The Black Pine Mine near Phillipsburg, which has been closed for some time. The initial reclamation bond was $70,000, but the state has notified Asarco that it will be increased to $8 million to cover the cost of long-term water treatment of acid mine drainage. Lisa Peterson, spokeswoman for DEQ, said Asarco had no opposition to the increase.
- The Troy Mine near Noxon. Asarco sold the property to Sterling Mining in 1999, shortly before Asarco was purchased by Grupo Mexico. However, Asarco's name is on the bond still, so it retains financial liability for treatment. The bond was $2.7 million, but was increased to $10.5 million in August 2000, and may go up further after hydrological research is completed.
- The Mike Horse mine near Lincoln. This is a state Superfund site, but cleanup activities were funded by Asarco and Arco. According to Peterson, Asarco has satisfied the state's requirement, but is still working with the Forest Service on some issues.
- The Continental Pit in Butte. Asarco owns 49 percent interest, with the rest owned by Montana Resources. The state holds a $26 million bond, which is meant to cover cleanup of the entire permitted area; that bond many be increased after new research is completed.
- The East Helena smelter. So far, Asarco has paid $108 million in cleanup costs. Currently, Asarco and the EPA are working out a final remediation plan. There is no reclamation bond for the site; if Asarco declares bankruptcy, the federal Superfund program would pick up the cost, with the state contributing 10 percent. Unlike mining operations, smelting companies are not required to put up a surety bond to cover cleanup costs in case of bankruptcy. The EPA only requires Asarco to put together a financial assurance plan each year. That plan, known as a consent agreement, discloses the financial well being of the company in an effort to prove whether Asarco can complete EPA-required cleanup measures for the year.