On December 6, UK-based diversified miner Anglo American plc announced the completion of the sale of its Skorpion zinc mine in Namibia to Vedanta Resources plc for cash proceeds of US$707 million.
Anglo American had announced the sale of its zinc portfolio to Vedanta on May 10, 2010 for a total consideration of US$1.338 billion.
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, namely the Skorpion mine, Lisheen mine and Black Mountain Mining. Anglo American expects the remaining completions to take place in due course.