Settlement Will Fund Clean-up of Toxic Sites in Washington State

August 25, 2008

Asarco, a century old mining company that filed for bankruptcy in a Texas court in July, has announced that it plans to pay off its major creditors and settle approximately $9 billion in environmental and asbestos-related claims.

The settlement would mean that Washington State will receive $200 million to clean up toxic contaminated resulting from its facilities in Ruston, Pierce, King and Thurston Counties, and B&L Woodwaste in Milton.

Washington State had originally filed claims totalling $600 million with the bankruptcy court, including $300 million to clean up the Ruston smelter.

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