Asarco Signs Agreement with Bank Consortium; Credit Maturity Date Extended to Jan. 31.Business Editors PHOENIX--(BUSINESS WIRE)--Nov. 15, 2002 Asarco Inc., a subsidiary of Grupo Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. , S.A. de C.V., today signed an agreement with a consortium of lenders, led by JP Morgan Morgan, American family of financiers and philanthropists. Junius Spencer Morgan, 1813–90, b. West Springfield, Mass., prospered at investment banking. Chase, to provide additional time for the company to repay a revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. line of $450 million, which originally was scheduled to mature on Nov. 10. Under the terms of the extension agreement, Asarco now has until Jan. 31, 2003, to pay off the balance on the loan. This time frame will permit Grupo Mexico and Asarco to make new arrangements with other banks and with U.S. authorities to fully settle the debt. Asarco is a longstanding producer of copper and other metals. It operates as a subsidiary of Americas Mining Corp. (AMC (Advanced Mezzanine Card) See AdvancedTCA. ), which is the mining division of Grupo Mexico, S.A. de C.V. AMC is among the world's largest integrated mining and refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar companies and is the world's third-largest producer of copper. AMC includes Grupo Mexico's interests in Asarco Inc. (100 percent), Minera Mexico (98.8 percent) and Southern Peru Copper Corp. (54.2 percent) through Asarco. |
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