Vedanta sells Scorpion Zinc Mine and Black Mountain Mining Pty for US$2,981m


The Vedanta board approved selling Scorpion Zinc Mining Company in Namibia and Black Mountain Mining Pty in South Africa to Hindustan Zinc Limited for US$2,981m.

Vedanta has 64.92% shares in Hindustan Zinc Limited since 2003, when it acquired the company from the Indian government.

Scorpion Zinc Mining Company and Black Mountain Mining Pty are held by Vedanta's other subsidiary, THL Zinc Ventures Ltd (Mauritius).

The board that met on 19 Jan. in Mumbai, India, said the investment was an attractive opportunity for Hindustan Zinc to grow and increase its foothold overseas and take its brand globally. 

The transaction could take up to 18 months.

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