Vedanta buys Anglo Zinc assets for $1.3 bn

May 10, 2010: India-focused mining group Vedanta Resources Plc bought Anglo American's zinc assets for $1.34 billion on Monday to boost its exposure to the metal.

Vedanta will become the world's largest zinc producer, with 11 percent of the global market, after buying the assets, including the Skorpion mine in Namibia, lisheen in Ireland and Black Mountain in South Africa.

"These high quality assets complement Vedanta's existing portfolio, creating the largest zinc and lead producer in the world," Chairman Anil Agarwal said.

The sale for Anglo is one step on a divestment programme that seeks trim its portfolio and focus on key commodities, such as copper, iron ore and platinum.

Source: Business Standard