Vedanta Resources Free To Buy 74% Stake In Black Mountain

30th Jun 2010 08:44

LONDON (Dow Jones)--Vedanta Resources PLC (VED.LN), a diversified metals and mining major, said Wednesday that Exxaro Resources Ltd. hasn't exercised its pre-emption right to buy the 74% stake in Black Mountain and therefore Vedanta is free to buy the stake. MAIN FACTS: -Exxaro Resources, Anglo American PLC's (AAL.LN) black economic empowerment partner in Black Mountain Mining (Pty) Ltd in South Africa, hasn't exercised its pre-emption right to buy the stake in Black Mountain pursuant to the shareholders' agreement between Exxaro and a subsidiary of Anglo American dated Sep. 11, 2006. -Vedanta announced the acquisition of the 74% stake in Black Mountain along with other Anglo American Zinc Assets on May 10. -Vedanta shares at 0740 GMT up 2 pence, or 0.1%, at 2170 pence valuing the company at GBP5.75 billion. -By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; [email protected] (END) Dow Jones Newswires June 30, 2010 03:44 ET (07:44 GMT)