Sterlite Acquires South African Black Mountain Mines

7 February 2011 (Last Updated February 7th, 2011 18:30)

Sterlite Industries, part of Vedanta Resources Group, has completed the acquisition of a 74% interest in Black Mountain Mining in South Africa from Anglo American Group. Under the transaction, valued at $348m, Sterlite acquired the Black Mountain zinc mine and Gamsberg zinc project fo

Sterlite Industries, part of Vedanta Resources Group, has completed the acquisition of a 74% interest in Black Mountain Mining in South Africa from Anglo American Group.

Under the transaction, valued at $348m, Sterlite acquired the Black Mountain zinc mine and Gamsberg zinc project for a share value of $260m and a replaced shareholder loan of $88m.

Last year, Vedanta Resources announced the acquisition of Anglo American’s zinc assets for a total amount of $1.3bn, including the Skorpion mine in Namibia, the Lisheen mine in Ireland and Black Mountain Mining in South Africa.

Vedanta chairman Anil Agarwal said the Black Mountain mine and the Gamsberg project are high-quality zinc assets and will remain important economic drivers in the region.