Sterlite Industries (India) Limited said in a filing today that it has completed acquisition of Ireland-based Lisheen Zinc Mine, which is part of its deal to buy assets of the Anglo American plc group. The
deal for Lisheen Zinc Mine has a share value of $546 million, which includes approximately $275 million against cash balance available at Lisheen as on date.
Vedanta had acquired Anglo American’s zinc assets for $1.34 billion in May last year. The deal included a Skorpion mine in Namibia, a Lisheen mine in Ireland and the 74 % owned Black Mountain Mines, which includes the Black Mountain mine and Gamsberg project in South Africa.
The Skorpion mine and Black Mountain mine acquisitions were completed for consideration of $707 million and $348 million respectively. The Lisheen acquisition completes the acquisition of all the three Anglo Zinc assets.
With the Anglo Zinc deal, Sterlite will have zinc reserves and resources of 478 million tonnes. Sterlite Industries is India’s largest non-ferrous metals and mining company with interests and operations in aluminium, copper, zinc and lead and power.
The share price of Sterlite was up marginally at the close of market today, trading at Rs 163.95 per unit.