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Vedanta Acquire 100 % Lisheen Mine Shares

Lisheen Mine

The Indian metal and mining giant, Vedanta Resources Corporation, has paid US$698 million, nearly N$5 billion, for Skorpion Zinc as part of a deal to buy Anglo American’s zinc assets and become the biggest zinc producers globally.

The Namibian mine, the eight largest zinc producer in the world, fetched the highest price in the US, $1,3 billion deal.

Vedanta forked out US$332 million or €261.1 million for 74 per cent interest in Black Mountain Mining in South Africa and US$308 million or €242.2 million for the Lisheen mine, situated near Thurles Co.Tipperary. In both the Skorpion and Lisheen transactions, Vedanta has acquired 100 per cent of the share holdings.

The transaction however is subject to regulatory approval, which is expected over the next 12 months.

Lisheen, which presently employs about 370 workers, is due to wind down in 2014.

Analysts yesterday speculated that Vedanta could look to sell on Lisheen quickly, possibly to mining rival Xstrata, which is involved in a joint venture with Minco, on lead and zinc licences at Pallas Green on the Tipperary / Limerick border.

Vedanta is a FTSE-100 company, controlled by India billionaire Anil Agarwal. The company has annual revenues of $6.6 billion and employs more than 30,000 staff.

More than two million tonnes of ore a year are shipped from Lisheen mine.

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