Sesa Goa acquires remaining stake of Western Cluster
Sesa Goa, a subsidiary of FSTE 100 company Vedanta Resources plc, is the sole owner of Liberia's Western Cluster after acquiring the remaining stake from Minerals and Mining, Delware.
Sesa Goa, a subsidiary of FSTE 100 company Vedanta Resources plc, is the sole owner of Liberia's Western Cluster after acquiring the remaining stake from Minerals and Mining, Delware.
The iron-ore producer and exporter has purchased 49% of the outstanding common shares of Western Cluster for a cash consideration of $33.5m.
"Western Cluster is a logical and strategic fit with Sesa's existing iron ore business and is expected to create significant long term value for all stakeholders," Vedanta said in a release Friday.
The company said exploration activities were progressing well, having last month completed more than 42,000 metres of drilling.
Sesa Goa is India's largest producer and exporter of iron ore in the private sector and Vedanta said it believed it was on course to becoming one of the top four in the world.
Vedanta shares dropped 2.16% to 1,130.00p at 09:23 Friday.
RD