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Vedanta Resources (VED)

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Tuesday 15 February, 2011

Vedanta Resources

Completion of Acquisition of Lisheen Mine

RNS Number : 2991B
Vedanta Resources PLC
15 February 2011
 



15 February 2011

 

Vedanta Resources Plc

             Announces Completion of Acquisition of Lisheen Mine in Ireland    

Vedanta Resources plc's subsidiary, Sterlite Industries (India) Limited ("Sterlite") today issued the following release.

___________________________________________________________________________________

 

Sterlite Industries (India) Limited Announces Completion of the Acquisition of

Lisheen Mine in Ireland

 

Sterlite Industries (India) Limited ("Sterlite") today announces the completion of the acquisition of the Lisheen Zinc Mine ("Lisheen") in Ireland from Taurus International S.A., a member of the Anglo American plc group ("Anglo American") for a share value of approximately $546 million, which includes approximately $275 million against cash balance available at Lisheen as on date.

 

On 10 May 2010, Vedanta announced the proposed acquisition of Anglo American's Zinc Assets ("Anglo Zinc") for a total cash consideration of $1,338 million, on an attributable, debt and cash free basis. Anglo Zinc comprises the 100% owned Skorpion mine in Namibia, the 100% owned Lisheen mine in Ireland and the 74 % owned Black Mountain Mines, which includes the Black Mountain mine and Gamsberg project in South Africa. The acquisitions of the Skorpion mine and Black Mountain mine were completed in December 2010 and February 2011, for cash considerations of approximately $707 million and $348 million respectively.

 

The Lisheen acquisition completes the acquisition of all the three Anglo Zinc assets.  

 

Anglo Zinc is an excellent operational and strategic fit with our existing business and will create significant long term value for shareholders. This acquisition will consolidate our position as the world's largest integrated zinc - lead producer with significant reserves and resources of 478 million tonnes.

Commenting on the transaction, Anil Agarwal, Chairman said: "We are pleased to have completed the last leg of the Anglo Zinc acquisition. We welcome the Anglo American Zinc team and look forward to working towards growing the business." 

 

For further information, please contact:

Investors

Ashwin Bajaj

Senior Vice President - Investor Relations

Vedanta Resources plc

 

 sterlite.ir@vedanta.co.in

Tel: + 91 22 6646 1531

 

   Sheetal Khanduja                                                 sterlite.ir@vedanta.co.in

  AGM - Investor Relations                                   Tel: + 91 22 6646 1531

  Sterlite Industries (India) Limited



 

About Sterlite Industries

Sterlite Industries (India) Limited is India's largest diversified metals and mining company. The company produces aluminium, copper, zinc, lead, silver, and commercial energy and has operations in India, Australia and Namibia.  The company has a strong organic growth pipeline of projects. The company is setting up 5,040 MW independent thermal power plants through its subsidiary Sterlite Energy Limited. Sterlite Industries is listed on the Bombay Stock Exchange and National Stock Exchange in India and the New York Stock Exchange in the United States. For more information, please visit www.sterlite-industries.com.

 

For further information, please contact:

 

Ashwin Bajaj

Senior Vice President - Investor Relations

Vedanta Resources plc

 

ir@vedanta.co.in

Tel: +44 20 7659 4732 / +91 22 6646 1531

Faeth Birch

Gordon Simpson

Finsbury

 

Tel: +44 20 7251 3801

About Vedanta Resources plc

Vedanta Resources plc ("Vedanta") is a London listed FTSE 100 diversified metals and mining major. The group produces aluminium, copper, zinc, lead, iron ore and commercial energy. Vedanta has operations in India, Zambia and Australia and a strong organic growth pipeline of projects. With an empowered talent pool of 30,000 employees globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of entrepreneurship, excellence, trust, inclusiveness and growth. For more information visit www.vedantaresources.com.

Disclaimer

This press release contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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