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Posted on Dec 22, 10:48AM | UNI
Sesa Goa Limited, country's largest exporter of iron ore in the private sector, and a subsidiary of Vedanta Resources, has acquired the remaining 49 per cent of the outstanding common shares of Western Cluster Limited (WCL) from Elenilto Minerals and Mining LLC, Delaware, for a cash consideration of USD 33.5 million.
WCL is a logical and strategic outfit with Sesa's existing iron ore business and is expected to create significant long term value for all stakeholders.
At WCL, exploration activities are progressing well, with over 42,000 meters of drilling completed till November 30, 2012.
The project is on track for first shipment in 2014, a company release said.