Sterlite Acquires Namibian Zinc Mine for $707m
Sterlite Industries, a subsidiary of Vedanta Resources, has acquired the Skorpion zinc mine in Namibia from Anglo American for a cash consideration of around $707m.
Initially, Skorpion was to be acquired by another Sterlite subsidiary, Hindustan Zinc, but due to delays in regulatory approval the firm proceeded with the acquisition through Sterlite.
The firm said the acquisition will consolidate its position as the world's largest integrated zinc-lead producer with significant reserves and resources of 478 million tons.
On 10 May, Vedanta announced the acquisition of Anglo American's zinc assets for a total cash consideration of nearly $1.4bn, on an attributable, debt and cash-free basis.