Sterlite Industries Limited, a subsidiary of Vedanta Resources plc (VED.L) announced Monday that it signed a new agreement with ASARCO LLC for the purchase of substantially all the operating assets of Asarco.
The purchase consideration comprises of a cash payment of US$1.1 billion and a senior secured non-interest bearing promissory note for US$600 million payable over a period of nine years. The amount of $600 million is payable as $20 million per year from the end of second year for a period of seven years and terminal payment of $460 million at the end of the ninth year.
For the year ended 31 December 2008, the Tucson-based mining, smelting and refining company Asarco had total revenues of nearly US$ 1.9 billion and profit before tax of US$ 393 million.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.