Vedanta Resources plc (LSE:VED) has bought the Skorpion zinc mine in Namibia from Anglo American group. The $707 million deal is part of the Anglo American sale of its zinc portfolio announced earlier in the year.
The sale of the entire zinc portfolio had been made on 10 May 2010 but regulatory approvals and competition clearance processes for the three different mines took place at different times.
That is why the Lisheen mine and the Black Mountain Mining sale completions will be done in due course of time. The two mines are located in South Africa. The Vedanta Resources subsidiary Sterlite Industries gave a completion report to the London Stock Exchange after the Skorpion zinc mine acquisition was completed.
Vedanta Resources Chairman Anil Agarwal said that the assets of Anglo Zinc were a strategic fit for the existing business. He said the acquisition would create a significant long term value for the shareholders. He was delighted to have completed the first phase of the acquisition.