Anglo American completes sale of Black Mountain Mining zinc interest in S. Africa

Monday, 07 February 2011 14:11:25 (GMT+3)   |  
       

UK-based diversified miner Anglo American plc (Anglo American) has announced the completion of the sale of its Black Mountain Mining zinc interests in South Africa to emerging UK-based Vedanta Resources plc (Vedanta) for cash proceeds of US$346 million as of February 4.

As SteelOrbis previously reported, in May 2010 Anglo American announced that it agreed to sell its portfolio of zinc assets (Anglo American Zinc) to Vedanta for a total consideration of $1.34 billion on an attributable, debt and cash free basis.

Anglo American Zinc comprised the Skorpion mine in Namibia, the Lisheen mine in Ireland and a 74 percent interest in Black Mountain Mining in South Africa, which holds 100 percent of the Black Mountain mine and the Gamsberg project.

On December 6, 2010, Anglo American announced the completion of the sale of its Skorpion zinc mine in Namibia to Vedanta Resources plc for cash proceeds of US$707 million.

The company said that, due to the regulatory approval and competition clearance processes, separate completion dates were expected for each of the three businesses within the zinc portfolio.


Similar articles

France’s steel product import value down 17.8 percent in 2023

08 Mar | Steel News

France’s steel product export value down 22.4 percent in 2023

08 Mar | Steel News

France’s steel product import value down 18.4 percent in Jan-Nov

09 Feb | Steel News

France’s steel product export value down 23.2 percent in Jan-Nov

08 Feb | Steel News

France’s steel product import value down 18.6 percent in Jan-Oct

09 Jan | Steel News

France’s steel product export value down 23.5 percent in Jan-Oct

09 Jan | Steel News

France’s steel product import value down 18.3 percent in Jan-Sept

07 Dec | Steel News

France’s steel product export value down 24.6 percent in Jan-Sept

07 Dec | Steel News

France’s steel product import value down 18.2 percent in Jan-August

08 Nov | Steel News

France’s steel product export value down 25.1 percent in Jan-August

08 Nov | Steel News