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.
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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.