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Asarco Reaffirms its Commitment to SPCC

Bnamericas
New York-based metals group Asarco Inc. (AR: NYSE) reaffirmed its commitment to invest US$1bn into the modernization and expansion of its copper operations in Peru through its 54.1%-owned subsidiary Southern Peru Copper Corp. (SPCC), in spite of Asarco's US$15.6mn third quarter losses.

Asarco chairman Richard Osborne said the losses were smaller than expected and the result "does not reflect a change in the company's outlook for the future of the copper market."

Asarco expects to complete its US$245mn expansion of the Cuajone mine in southern Peru this year and to proceed with the US$875mn expansion and upgrade of its Ilo smelter in Peru's Moquegua Department.

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