German Bank Sues Asarco on Metal Lease Payment

The New York branch of Deutsche Bank AG alleged in the lawsuit that Asarco defaulted on a $6.3 million payment for the lease of silver used for hedging." Without excuse, Asarco has defaulted in paying more than $6.3 million due under the lease and has refused to return the silver that is the subject of the lease." the lawsuit stated.

Deutsch Bank leased 1.5 million ounces of silver to Asarco in a deal that was to have expired in July 2000. The arrangement was later extended to December 2001. Asarco acknowledged that the action"asserts the breach of the lease. However, the company denied that it defaulted"without excuse", While not commenting on the bank`s lawsuit the company said that it"was not likely to drag on for too long."

Quelle: Mining Engineering Juni 2002

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Ein weiteres wichtiges Indiz für die Lage am Silbermarkt.


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