Decision Nº M/03/024 from Competition and Consumer Protection Commission, 2003-08-22

CourtCompetition and Consumer Protection Commission (Ireland)
PartiesIvernia West,Lisheen
Date22 August 2003
Submitted Date28 July 2003
StatusCleared (Phase 1)
Decision NumberM/03/024
Decision Date22 August 2003
Determination of the Competition Authority
Determination No. M/03/024 of the Competition Authority, dated 22 August
Notification No. M/03/024 – The acquisition by Anglo American Lisheen
Holdings Limited of the entire issued share capital of Ivernia West Limited
1. On 28 July 2003 the Competition Authority, in accordance with Section 18(1) of
the Competition Act, 2002 (“the Act”) was notified, on a mandatory basis, of a
proposal whereby Anglo American Lisheen Holdings Limited would acquire the
entire issued share capital of Ivernia West Limited.
The Parties
2. Anglo American Lisheen Holdings Limited ("AALH") is an indirectly wholly
owned subsidiary of Anglo American plc. The Anglo American Group (“Anglo
American”) is one of the world’s largest mining and natural resource groups, with
operations in Africa, Europe, Russia, South and North America and Australia.
With its subsidiaries, joint ventures and associates, it is a world leader in gold,
platinum group metals and diamonds; it has significant interests in coal, industrial
minerals, forest products, base and ferrous metals including zinc and lead.
3. Ivernia West Limited ("IWL") is a wholly owned subsidiary of Ivernia West Inc.
Ivernia West Inc. is an international base metals mining and exploration
company, with primary interest in lead and zinc, headquartered in Toronto,
4. AALH and IWL are the vehicle companies for a 50/50 joint venture between
Anglo American plc and Ivernia West Inc - the Lisheen mine in County
Tipperary. The acquisition represents a move from joint to sole control of the
Lisheen mine, by Anglo American.
5. The Lisheen mine produces zinc concentrate and lead concentrate, which are
intermediate products in the production of refined zinc and lead metal. Lead and
zinc ores frequently occur together and therefore a key part of the
mining/production process is often to separate the two. There are no
refining/smelting plants on the island of Ireland and so all zinc concentrate and
lead concentrate produced in Ireland is exported. Anglo American is also active
at the refining/smelting stage of the production of refined zinc metal.
6. Market enquiries have confirmed that the markets for zinc concentrate and lead
concentrate are global. Refiners purchase zinc/lead concentrate from all corners
of the world and prices are the same worldwide.

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