Sterlite Industries (India) a part of the Vedanta Group has completed the acquisition of the South African Black Mountain Mining Limited.
The acquisition includes the Black Mountain zinc mine and the Gamsberg zinc project. The last of the 74% stake was acquired by Sterlite Industries for $260 million. In total it paid $348 million as it also replaced the shareholder loan of $88 million.
Sterlite Industries made the announcement on Saturday in a filing with the Bombay Stock Exchange. It bought the Black Mountain Mining Ltd from Anglo American which is getting rid of its zinc interests in South Africa. This included three businesses in its portfolio namely the Skorpion mine in Namibia, Lisheen mine and Black Mountain Mining in South Africa.
The deal had been first announced in May last year. There were separate completion dates for each of the deals due to regulatory approvals and competition clearance processes. The Skorpion mine had been acquired by Sterlite for about $707 million in cash in last December.
The sale of Lisheen mine is likely to be completed next. In a statement Sterlite Industries said that this acquisition will consolidate our position as the world's largest integrated zinc-lead producer with significant reserves and resources of 478 million tons.