Sesa Goa Limited, India’s largest exporter of iron ore in the private sector and a subsidiary of Vedanta Resources Plc, has announced that it has acquired the remaining 49% of the outstanding common shares of Western Cluster Limited (WCL) from Elenilto Minerals & Mining LLC, Delaware, for a cash consideration of $33.5 million.
Post this transaction, Sesa’s shareholding in WCL will go up to 100%.
“WCL is a logical and strategic fit with Sesa’s existing iron ore business and is expected to create significant long term value for all stakeholders. At WCL, exploration activities are progressing well, with over 42,000 meters of drilling completed till November 30, 2012. The project is on track for first shipment in FY2014,” Sesa said in a statement.
Sesa Goa has mining operations in Goa and Karnataka and a large integrated project site in Liberia, West Africa. Sesa also manufactures pig iron and metallurgical coke, with a 0.56 million tonne per annum metallurgical coke plant and a 0.625 mtpa pig iron plant in Goa, and an associated 60 Mw power plant.
