Sterlite Industries, part of Vedanta Resources Plc, has completed the acquisition of a 74 per cent stake in Black Mountain Mines in South Africa from Anglo Operations (part of the Anglo American plc) for $260 million (Rs 1,170 crore).The company will also replace a shareholder loan for $88 million (Rs 396 crore) which takes the total value of the deal to $348 million (Rs 1,566 crore).
Vedanta announced the acquisition of Anglo American's zinc assets for $1,338 million on an attributable, debt and cash-free basis. Anglo Zinc comprises Skorpion mine in Namibia, Lisheen mine in Ireland and the 74 per cent-owned Black Mountain Mines, which includes the Black Mountain mine and Gamsberg project in South Africa.
The acquisition of the Skorpion zinc mine was completed last December for a cash consideration of $707 million (Rs 3,180 crore). The process of completing the Lisheen mine transaction is progressing well and expected to close as per schedulecrackcrack
