Sesa Sterlite plea to stay Asarco payment denied

Aug 21, 2014 | 06:50 PM | Saranya Kapur

Tags  copper, Sesa Sterlite, Asarco, Jorge Lazalde, Grupo México, Saranya Kapur

NEW YORK — A judge in U.S. District Court in Texas has denied Sesa Sterlite Ltd.’s request to stay a court order that it pay nearly $83 million to copper miner Asarco LLC.

The case has its origins in Sterlite Industries India Ltd.’s decision to back out of a deal to acquire Asarco in 2008.

"We are pleased with this latest ruling. Sesa Sterlite has attempted for years to evade responsibility for its breach of contract, and this order will help us in our efforts to enforce the judgment we have obtained," Asarco executive vice president Jorge Lazalde said in a statement.....

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