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.