Monday, November 29, 1999

Vedanta buys Anglo American zinc for $1.34 bn

News posted by www.newsinfoline.com

New Delhi, May 10 -- Global mining major Vedanta Resources on Monday announced the acquisition of Anglo American's zinc assets for $1.34 billion (approx Rs 6,021 crore). The acquisition will be done by its group company Hindustan Zinc Ltd that will make Vedanta world's largest zinc producer.Anglo American zinc's assets include Skorpion mine in Namibia, Lisheen mine in Ireland and the 74 per cent owned Black Mountain Mining, which includes the Black Mountain mine and Gamsberg project in South Africa. Gamsberg is one of world's largest undeveloped zinc deposits with a resource of 186 mt. Of the total consideration, $698 million relates to the Skorpion mine, $308 million to the Lisheen and $332 million to Black Mountain Mining. The deal is being funded entirely through Vedanta's cash resources that amounted $7.2 billion (Rs 32,400 crore).

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