- Published: Tuesday, 08 June 2010 14:46
- Written by E&MJ News
Vedanta Resources and Anglo American announced an agreement on May 10 whereby Vedanta is purchasing Anglo American Zinc for a total consideration of $1.338 billion, with economic ownership transferred from January 1, 2010. The purchase is being undertaken through Hindustan Zinc Ltd. (HZL), a wholly-owned Vedanta subsidiary, and is structured as three separate transactions for purchase of Anglo American’s integrated, 100%-owned Skorpion zinc mine and refinery in Namibia for $698 million, its 74% interest in Black Mountain Mining in South Africa for $332 million, and its Lisheen zinc and lead mine in Ireland for $308 million. Vedanta is funding the transactions from existing cash resources.