Vedanta Group firm Sesa Goa on Friday said it had acquired the remaining 49 per cent stake in Liberia’s Western Clusters project for $33.5 million (about Rs.185 crore).

“Sesa Goa has acquired the remaining 49 per cent of the outstanding common shares of Western Cluster Ltd (WCL) from Elenilto Minerals & Mining LLC Delaware, for a cash consideration of $33.5 million,” the company said. With this new acquisition, Sesa Goa’s shareholding in WCL rose to 100 per cent. The company had acquired 51 per cent stake in WCL for about $90 million (about Rs.411 crore) last year.

“WCL is expected to create significant long-term value for all stakeholders,” the company said.

It said, at WCL, exploration activities were progressing well, with over 42,000 metres of drilling completed till November 30. The project was on track for first shipment in 2013-14, it said. Recently, the company said it would finalise the capital expenditure plan for the first phase of its Liberia iron ore mining project by January.

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