WASHINGTON — Asarco LLC has reached a $38 million settlement with the state of Washington over contamination tied to a former Everett smelter, the latest deal to resolve the copper-mining company’s massive environmental liabilities.
Asarco has asked the U.S. Bankruptcy Court in Corpus Christi, Texas, which is overseeing its bankruptcy case, to approve the settlement, which resolves $135 million in claims filed against the company.
In court papers filed Thursday, Asarco called the agreement “a fair and reasonable resolution” that allows the company to avoid litigation.
The settlement stems from the company’s former smelter in Everett. The smelter was closed in 1912 and demolished in 1915, according to the Washington Department of Ecology. The soil has higher than normal levels of arsenic, lead and other metals, according to the state.
Under the settlement, the state and the Port of Everett will receive a $38 million unsecured claim in the bankruptcy case. The actual amount won’t be known until Asarco determines the recoveries for creditors as part of its bankruptcy-exit plan.
The state’s Department of Ecology and the Port of Everett filed claims for future and past cleanup costs and natural resource damages. The claims exceed $135 million, according to court documents.
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