Asarco earns $68.6 million (US) in first quarter

Asarco will purchase a 49.9% interest in the partnership, with Montana Resources holding the remaining 50.1%.

The purchase price is $100 million(US) in cash plus a participation by Montana in a portion of Asarco’s share of partnership income. The participation will apply for up to four years and to a maximum $25 million, and is contingent on metal prices.

Montana Resources owns and operates the Continental open pit copper mine in Butte, Mont., which in 1988 produced 53,200 tons copper and 14.1 million lb molybdenum in concentrates. The mine hosts reserves of 468 million tons averaging 0.31% copper and 0.043% molybdenum.

The partnership agreement is subject to regulatory approval.

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