Vedanta Resources Plc, the metals producer controlled by Indian billionaire Anil Agarwal, completed its acquisition of the Skorpion zinc mine in Namibia from Anglo American Plc.
Vedanta’s Sterlite Industries unit paid about $707 million in cash for the project, the company said today in a statement. The purchase was part of a $1.34 billion deal, agreed on in May, to buy Anglo’s zinc assets, comprising the Skorpion project, the Lisheen mine in Ireland and South Africa’s Black Mountain mines.
London-based Vedanta, which originally planned to buy the assets through Sterlite’s Hindustan Zinc subsidiary, said it didn’t receive Indian government approval within the contractual timeframe for Skorpion. The company expects the acquisitions of Lisheen and Black Mountain to be completed on schedule, it said.