Grupo Mexico has called a meeting on 4 December to get approval of its shareholders in the decision to acquire the bankrupt copper miner Asarco LLC.

Grupo Mexico lost the corporate control of Asarco after the Tucson firm filed for chapter11 bankruptcy in the year 2005.

Andrew Hanen, the US District Court Judge, has approved Groupo’s restructuring plan for Asarco.

According to a filing with the Mexican Stock exchange, the Grupo Mexico board will be asked to approve a plan to invest $800 million as cash and raise $1.4 billion through loans from four financial institutions that will be used to reorganize Asarco and pay creditors, including environment team.