Laserfiche WebLink
✓ EHA's holdings have many restrictions due to their funding from federal and <br /> other grants as well as restrictions on how it must conduct business. This leaves <br /> EHA with limits on how it can guarantee loans. Until the cleanup is completed <br /> the Asarco properties have limited value as security for the loan. Since EHA has <br /> no general taxing authority it cannot guarantee other sources of income to satisfy <br /> its lender's needs. <br /> ❖ Why doesn't Asarco just clean the site up? <br /> ✓ Asarco's only business is mining and smelting copper. Its once large operations <br /> are now limited to two mines and one smelter in Arizona. Several years ago the <br /> price of copper worldwide plummeted. At the same time Asarco was named as <br /> the main responsible party for cleanups at 28 locations around the country <br /> resulting from historic practices. The primary source of funds for those cleanups <br /> is the "Asarco Trust". The Trust was formed as part of a settlement between <br /> Asarco and the US Department of Justice. The settlement resulted because <br /> Asarco attempted to shed assets at a rate the government felt was too low and <br /> would render it unable to meet all of its environmental obligations. The <br /> settlement cap Asarco's federal cleanup liabilities. <br /> If the cleanup doesn't occur this year the state will need to take actions to enforce <br /> its cleanup order. Between the complications that the Trust settlement and <br /> Asarco's still precarious condition prevents it takes a tremendous degree of <br /> optimism to believe funds would be available in the future, especially for a more <br /> costly cleanup. <br /> MARK WOLKEN, WHO IS ACTING AS THE REAL ESTATE <br /> BROKER FOR ASARCO, PROVIDED THE ABOVE <br /> INFOMRATION. <br />