Sterlite completes acquisition of Lisheen Zinc

Sterlite Industries today said it has completed acquisition of Ireland-based Lisheen Zinc Mine as part of deal to buy zinc assets of Anglo American group.

The deal for Lisheen Mine has a share value of $546 million, which includes about $275 million against cash balance available at Lisheen as on date, the company said in a filing to the Bombay Stock Exchange (BSE).

In May 2010, Vedanta Resources, the promoter company of Sterlite Industries, had announced acquiring Anglo American's zinc assets for $1.34 billion.

The deal included a Skorpion mine in Namibia, a Lisheen mine in Ireland and 74% owned Black Mountain Mines, which includes the Black Mountain mine and Gamsberg project in South Africa.

 

The acquisitions of the Skorpion mine and Black Mountain mines were completed in December 2010 and February 2011, for about $707 million and $348 million, respectively.

"The Lisheen acquisition completes the acquisition of all the three Anglo Zinc assets," the filing added.

Commenting on the deal, Vedanta Group Chairman Anil Agarwal said: "We are pleased to have completed the last leg of the Anglo Zinc acquisition. We welcome the Anglo American Zinc team and look forward to working towards growing the business."

The scrip of Sterlite Industries closed at Rs 163.95 apiece on the BSE, up 0.24% from the previous close.