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Sterlite completes acquisition of mine co in South Africa

The company paid a total consideration of $348 million

MUMBAI: Vedanta group firm Sterlite Industries (India) on Saturday announced completion of 74 per cent acquisition of South Africa-based Black Mountain Mining Ltd. for $260 million (Rs.1,186.25 crore).

It paid a total consideration of $348 million (Rs.1,587.75 crore) for the SA mining firm as the Vedanta group company replaced the shareholder loan of $88 million (Rs.401.50 crore), Sterlite Industries (India) said in a filing with the Bombay Stock Exchange.

In May last, the metal and mining major had struck a deal to acquire Anglo American's zinc assets (Anglo Zinc) for a total cash consideration of $1.338 billion (Rs.6,106.04 crore) on a debt-and-cash-free basis, it said.

Anglo Zinc owns Skorpion zinc mines in Namibia and Lisheen mines in Ireland with 74 per cent stake in Black Mountain Mines, which include Black Mountain mine and Gamsberg project in South Africa, it said.

The acquisition of the Skorpion Zinc mine was completed in December last for a cash consideration of $707 million (Rs.3,229.93 crore), it said.

The process for completion of Lisheen mine transaction is progressing well and is expected to close as per schedule, it added. — PTI

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