A consortium of Canadian, West German and Mexican interests is offering to buy the bankrupt Cananea copper mine from the Mexican government. The consortium, known as Cupriofera Cananea, submitted the only qualified bid. The price bid, at US$468 million, is slightly above half of the initial asking price.
Under the offer, minority owners of the mine and mill, about 96 miles southwest of Tuscon, Ariz., will be Teck (TSE), huge German metals firm Metallgesellschaft and West Deutsche Landesbank Girozentrale. Majority owner will be Grupo ICA, Mexico’s largest construction company.
The open pit mine is Mexico’s largest. The operation’s smelter is reported to be able to produce up to 45,000 tons of blister copper per year.
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