Chilean Mine Company Goes Belly-Up
Posted on Nov 27, 2010
The company that owns the now-infamous mine where 33 Chileans were rescued after two months underground has agreed to liquidate its assets, avoiding bankruptcy. Much of the money will go to pay miners idled by the disaster and to compensate the government for rescue efforts. —JCL
Creditors gave the San Esteban Mining Company 15 months to repay its debts.
Six weeks on from the dramatic rescue of the Chilean miners, the San Jose mine has remained shut.
Some of the money from the sale will be used as severance pay for the more than 300 miners and plant workers who lost their jobs after the collapse.
AP / Jorge Saenz
Miner Pablo Rojas (in green) waves after being rescued at the San Jose mine in Copiapo, Chile.