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Sterlite signs New Agreement to Purchase Operating Assets of ASARCO LLC.

Sterlite Industries (India) Ltd.(Merged) | Metal - Non Ferrous | Metals & Mining | BSE: 500900 | NSE: STER

09 Mar 2009 Evaluate

Sterlite Industries (India) Limited ('Sterlite') has signed a new agreement with ASARCO LLC ('Asarco'), a Tucson based mining, smelting and refining company, for purchase of substantially all the operating assets of Asarco.

The purchase consideration comprises (a) a cash payment of US$ 1.1 billion on closing; and (b) a senior secured non-interest bearing promissory note (the 'Note') for US$ 600 million, payable over a period of nine years as follows: (i) US$ 20 million per year from the end of second year for a period of seven years; and (ii) a terminal payment of US$ 460 million at the end of the ninth year, totaling to US$ 600 million. The agreement is subject to the approval of the U.S. Bankruptcy Court.

The integrated assets to be acquired include three open-pit copper mines and associated mills and SX-EW in Arizona, USA, a copper smelter in Arizona, USA and a copper refinery, rod and cake plants and a precious metals plant in Texas, USA, The asset acquisition is on a cash free and debt free basis. Sterlite will assume operating liabilities but not legacy liabilities for asbestos and environmental claims for ceased operations. The consideration being paid is towards the gross fixed assets and working capital of Asarco.

Asarco, formerly known as American Smelting and Refining Company, is a 110 year old company and is currently the third largest copper producer in the United States of America. It sold approximately 237,000 tonnes of refined copper in 2008. Asarco's mines currently have estimated reserves of 5 million tonnes of contained copper. For the year ended 31st December 2008, Asarco had total revenues of nearly US$1.9 billion and profit before tax of US$ 393 million.

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Sterlite signs New Agreement to Purchase Operating Assets of ASARCO LLC.

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