Hindustan Zinc to acquire the Zinc International assets from Vedanta for $2,981 million

subsidiary of the mining and metals giant Vedanta, was approved by the company's board. The assets held THLZV through THL Zinc Ltd (Mauritius) comprising shares held in Black Mountain Mining Pty Ltd, South Africa (69.6 per cent) and THL Zinc Namibia Holdings (Pty) Ltd (100 per cent), Namibia, will be sold to the proposed wholly-owned subsidiary (SPV) of Hindustan Zinc Ltd (HZL) for a cash consideration not exceeding USD 2,981 million, Vedanta said in a filing.

Vedanta owns 64.92% of the equity share capital of HZL. The planned deal will depend on getting the required regulatory approvals. The transaction will likely be finalised over the course of 18 months in stages, provided that all necessary regulatory permissions are received in a timely way. "The proposed merger will generate significant synergies for both THLZ and HZL, unlock value, and capitalise on the aforementioned zinc assets. The nation's integrated producer of zinc, lead, and silver is Hindustan Zinc.