Asarco To Sell Perth Amboy Cleanup Site For $5M

Law360, New York (September 14, 2009, 2:46 PM EDT) -- Bankrupt mining giant Asarco LLC has agreed to sell a 70-acre New Jersey property for $5.1 million, releasing the embattled copper company from remediation responsibilities at a site with a long history of environmental issues and finalizing a settlement with the New Jersey Department of Environmental Protection.

Judge Richard S. Schmidt of the U.S. Bankruptcy Court for the Southern District of Texas approved the settlement Sept. 11, ruling that the property will be conveyed to Environmental Liability Transfers Inc.

ELT will assume all obligations for the...
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