Anglo completes US$707 million sale of Skorpion Zinc

Anglo American PLC said yesterday that it has completed the sale of its Skorpion zinc mine in Namibia to India’s Vedanta Resources PLC for US$707 million.

The company announced in May this year that it was selling Skorpion along with the Lisheen mine in Ireland and a 74 per cent interest in Black Mountain Mining in South Africa, which holds 100 per cent of the Black Mountain mine and the Gamsberg project, to Vedanta for a total of US$1.34 billion.The sale completion for the other two projects will take place in ‘due course’, Anglo American said.’Due to the regulatory approval and competition clearance processes, separate completion dates were expected for each of the three businesses within the zinc portfolio,’ the company said.In May, Anglo American said of the total consideration, US$698 million related to the Skorpion mine, US$308 million related to the Lisheen mine and $332 million related to Anglo American’s 74 per cent interest in Black Mountain Mining.There were some adjustments to the original Skorpion price due to dividends paid and other costs related to the final completion of the transaction, the company said.Vedanta previously said that once the deal is closed that the India-focused company’s reserves would rise 23 per cent to 110 million metric tonnes and resources and reserves would increase 76 per cent to 478 million tonnes. – tradingmarkets.com

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