UPDATE: Anglo American Completes $346 Million Black Mountain Zinc Sale

Anglo American PLC (AAL.LN) said Friday that is has completed the sale of its 74% stake in Black Mountain Mining zinc assets in South Africa to Vedanta Resources PLC (VED.LN) for $346 million.

The company announced in May that it was selling its Skorpion mine in Namibia along with the Lisheen mine in Ireland and its majority stake in Black Mountain Mining in South Africa, which holds 100% of the Black Mountain mine and the Gamsberg project, to Vedanta for a total of $1.34 billion.

The U.K.-listed FTSE 100 miner completed the sale of the Skorpion mine for $707 million in December and expects to close the sale of its Lisheen mine in "due course," Anglo American said.

"Due to the regulatory approval and competition clearance processes, separate completion dates were expected for each of the three businesses within the zinc portfolio," the company said.

There were some adjustments to the original Skorpion price due to dividends paid and other costs related to the final completion of the transaction, the company previously said.

There were also some adjustments to the original price on Black Mountain. A company spokesman wasn't immediately available to comment.

In May, Anglo American said of the total consideration, $698 million related to the Skorpion mine, $308 million related to the Lisheen mine and $332 million to Anglo American's 74% interest in Black Mountain Mining.

Vedanta previously said that once the deal is closed that the India-focused company's reserves would rise 23% to 110 million metric tons and resources and reserves would increase 76% to 478 million tons.

-By Alex MacDonald and Devon Maylie, Dow Jones Newswires; 44 20 7842 9328; [e-mail]