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Vedanta Resources (VED)

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Wednesday 30 June, 2010

Vedanta Resources

Pre-emption Rights

RNS Number : 4944O
Vedanta Resources PLC
30 June 2010
 



 

          30 June 2010

 

Vedanta Resources plc Announces

Non-exercise of Exxaro's Pre-emption Rights over Black Mountain Mining

 

Vedanta Resources plc ("Vedanta" or "the Company") announces that it has been notified by Anglo American plc ("Anglo American") that Exxaro Resources Limited ("Exxaro"), Anglo American's black economic empowerment partner in Black Mountain Mining (Pty) Ltd in South Africa ("Black Mountain"), has not exercised its pre-emption right to acquire the 74% stake in Black Mountain pursuant to the shareholders' agreement between Exxaro and a subsidiary of Anglo American dated 11 September 2006.  Consequently, Vedanta is free to acquire the 74% stake in Black Mountain.

 

Vedanta announced the acquisition of the 74% stake in Black Mountain along with other Anglo American Zinc Assets on 10 May 2010.   The acquisition of the 74% stake in Black Mountain and the other Anglo American Zinc Assets remains subject to customary regulatory approvals as well as competition clearance in the relevant jurisdictions as announced on 10 May 2010.

 

For further information, please contact:

 

Vedanta Resources plc

Investors:


 

Ashwin Bajaj

Vice President, Investor Relations 

Vedanta Resources plc

 

investorrelations@vedantaresources.com

+ 91 22 6646 1531

 

Media:

Gordon Simpson

Finsbury

 

 

+44 20 7251 3801

 

About Vedanta Resources plc

Vedanta Resources plc ("Vedanta") is a London listed FTSE 100 diversified metals and mining major. The group produces aluminium, copper, zinc, lead, iron ore and commercial energy. Vedanta has operations in India, Zambia and Australia and a strong organic growth pipeline of projects. With an empowered talent pool of 29,000 employees globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of entrepreneurship, excellence, trust, inclusiveness and growth.  For more information visit www.vedantaresources.com

 

Disclaimer

This press release contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements.  We do not undertake to update our forward-looking statements.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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