Sesa Goa has acquired the remaining 49% of the outstanding common shares of Western Cluster (WCL) from Elenilto Minerals & Mining LLC, Delaware, for a cash consideration of $33.5 million. Post this transaction, the company’s shareholding in WCL has been increased to 100%.
WCL is a logical and strategic fit with Sesa’s existing iron ore business and is expected to create significant long term value for all stakeholders. At WCL, exploration activities are progressing well, with over 42,000 meters of drilling completed till 30 November 2012. The project is on track for first shipment in FY2014.
Sesa Goa, which is a part of Vedanta Resources plc, the London-listed FTSE 100 diversified metals and mining major, is India’s largest producer and exporter of iron ore in the private sector with operations in the states of Goa and Karnataka in India. The company also manufactures pig iron and metallurgical coke, with a 0.56 mtpa metallurgical coke plant and a 0.625 mtpa pig iron plant in Goa.
