Tucson copper producer Asarco LLC is suing its former parent company Americas Mining Corp over the value of the company’s investment in Peruvian mining operations. Asarco alleges fraudulent transfer of Asarco’s majority share in two Peruvian copper mines and related facilities. Asarco contends that the loss of that revenue led to its 2005 bankruptcy. Americas Mining Corp mining expert witnesses testified about the value of the Peruvian mines question. AMC asserts that Asarco’s bankruptcy occurred more than two years after the transfer.
German Larrea, one of Mexico’s richest men and chief executive and chairman of Grupo Mexico, parent company of AMC., testified Tuesday that he acted in the best interest of Asarco when he shifted its most valuable asset to one of his other subsidiaries.