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Sterlite acquires Lisheen Zinc Mine - completes last leg of Anglo Zinc
acquisition
Sterlite has completed acquisition of the Lisheen Zinc mine in Ireland from Anglo American
for US $546mn, which includes ~US $275mn against the cash balance available at Lisheen.
The asset is a part of the acquisition of Anglo American’s zinc assets announced in May
2010 for a total consideration of US $1,338mn. 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. Acquisition of the Skorpion and Black Mountain mines were completed in
December 2010 and February 2011 for nearly US $707mn and US $348mn, respectively.
We maintain a Buy on Sterlite, with a Target Price of `206.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Sterlite acquires Lisheen Zinc Mine - completes last leg of Anglo Zinc
acquisition
Sterlite has completed acquisition of the Lisheen Zinc mine in Ireland from Anglo American
for US $546mn, which includes ~US $275mn against the cash balance available at Lisheen.
The asset is a part of the acquisition of Anglo American’s zinc assets announced in May
2010 for a total consideration of US $1,338mn. 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. Acquisition of the Skorpion and Black Mountain mines were completed in
December 2010 and February 2011 for nearly US $707mn and US $348mn, respectively.
We maintain a Buy on Sterlite, with a Target Price of `206.
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