Release date- 21092017 - Volcan Investments Ltd ('Volcan'), the majority shareholder of Vedanta Resources Plc (the 'Company'), has today announced that it intends to make an additional investment in Anglo American Plc shares of GBP1.25 billion to GBP1.5 billion.
The Company confirms that the proposed investment is being made by Volcan alone, and that the Company is not participating in this investment.
Volcan had made an investment of GBP2.0 billion in Anglo American Plc in March 2017.
Vedanta has made significant progress on its strategic priorities over the last year, including completion of the Vedanta Ltd - Cairn India merger, ramping up production from its portfolio of low cost assets, increasing free cash flow, and optimising its balance sheet through two successful liability management exercises in January and August 2017, respectively. Vedanta remains committed to its strategic priorities.
The independent directors of the Company (who for these purposes did not include the Executive Chairman or Executive Vice Chairman) have consented to the proposed investment pursuant to the Relationship Agreement between, among others, Volcan and the Company. The independent directors of Vedanta Resources Plc were advised by Moelis & Company UK LLP and Ashurst LLP in relation to the giving of this consent.
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About Vedanta Resources
Vedanta Resources plc ('Vedanta') is a London listed diversified global natural resources company. The group produces aluminium, copper, zinc, lead, silver, iron ore, oil & gas and commercial energy. Vedanta has operations in India, Zambia, Namibia, South Africa, Ireland and Australia. With an empowered talent pool globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of trust, sustainability, growth, entrepreneurship, integrity, respect and care. To access the Vedanta Sustainable Development Report 2017, please visithttp://www.vedantaresources.com/media/214366/vedanta_sd_report_2016-17.pdf. For more information on Vedanta Resources, please visit www.vedantaresources.com
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.