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24~Karaton Sep 30, 2007 10:48am
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Asarco’s Failure at Mission
Asarco’s Failure at Mission
Readers of this page will remember ML’s encounter with the notorious and sinister Asarco Corporation over the Mission mill. The link below from Resource Investor serves as the perfect postscript to that saga.
Asarco is recovering only about half of the molybdenum it projected from Mission. The author of the article remarks that this has only served to bolster the value of the commodity, molybdenum:
“Interestingly enough the molybdenum market is not displeased by ASARCO’s misstep. The molybdenum shortfall will directly put upward pressure on price as ASARCO customers scramble to replace ‘firm’ and contingent purchases.
“ASARCO itself may not benefit from this failure, because its banks may now have to review and possibly down value feasibility studies from the company upon which the bankability of the company’s debt and borrowing is based.”
https://www.resourceinvestor.com/pebble.asp?relid=36106