Grupo México Reorganization Plan for ASARCO Confirmed by District Court

Final Acceptance of Full Payment Plan Permits ASARCO to Rejoin its Parent
Company as an Invaluable Component of the Global Copper Mining Leader
MEXICO CITY--(Business Wire)--
Grupo México, S.A.B. DE C.V. (GMEXICO) today announced that U.S. District Court
Judge Andrew S. Hanen has approved the full payment reorganization plan proposed
by GMEXICO for ASARCO LLC, reintegrating the U.S. copper operations with
GMEXICO`s other mining operations and one of the world's most competitive,
low-cost copper producers.

The decision, handed down by Judge Hanen late Friday, November 13, from his
courtroom in Brownsville, Texas, will return control of ASARCO to Americas
Mining Corp. (AMC), a GMEXICO subsidiary. GMEXICO's reorganization plan was
chosen over a competing plan submitted by Sterlite Industries (USA), Inc., a
subsidiary of Vendanta Resources. Judge Hanen's decision confirmed a previous
recommendation from U.S. Bankruptcy Court Judge Richard Schmidt, who presided
over a three-week confirmation trial and had previously ruled in favor of
GMEXICO's plan. The transaction is now expected to close by mid-December.

"We are very pleased that Judge Hanen approved our reorganization plan and look
forward to consummating the transaction to bring to a close what has been a
lengthy bankruptcy restructuring process that will result in a stronger, more
vibrant ASARCO and an important contributor to GMEXICO`s global mining
operations," said Jorge Lazalde, vice president and general counsel of ASARCO
Inc. "Throughout this bankruptcy process, GMEXICO`s goal has been to bring
ASARCO out of bankruptcy in a manner that treats its creditors and employees
fairly, and leaves the company in the strongest financial position possible. Our
plan not only accomplishes those goals, but will allow us to achieve our
original vision when we acquired ASARCO in 1999 of capitalizing on the
significant synergies that exist between ASARCO and GMEXICO`s other operations
around the world while enhancing the quality products and dependable services
GMEXICO and ASARCO provide to their customers.

"We are very appreciative of the judges, court officers and other interested
parties who worked so hard to achieve the best possible result for ASARCO during
this process. We are looking forward to rekindling our relationships with the
company, its employees and the communities in which ASARCO operates and ensuring
that ASARCO will thrive as a strong, competitive company going forward."

The court-approved plan, among other things, calls for GMEXICO to make a $2.2
billion cash contribution to ASARCO for distribution to creditors, additionally
disburse an estimated $1.4 billion in cash on hand from ASARCO`s balance sheet,
guaranty ASARCO`s issuance of a one-year promissory note for $280 million
payable to the asbestos creditors, forgive $161 million worth of ASARCO upstream
tax obligations to AMC, and release AMC`s claim to a $60 million tax refund
which will instead remain with ASARCO`s operations.

To finance the plan, a syndicate of internationally recognized financial
institutions have committed to deliver up to $1.4 billion in financing to AMC
which, in addition to GMEXICO's commitment to contribute up to an additional
$800 million, will fund a $2.2 billion cash contribution on the closing date.
AMC has ensured its commitment to promptly close the confirmed Plan by posting a
$2.2 billion forfeitable good faith deposit of cash and securities.

Media:
Abernathy MacGregor Group
Tom Johnson / Winnie Lerner
212-371-5999 or 917-375-5652
or 917-747-6990

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