LSE listed Vedanta Resources has acquired a 9.5% stake in Canadian zinc and copper producer, HudBay Minerals by buying 14.5 million HudBay shares, reports Reuters. Vedanta has acquired the stake through its Amsterdam based subsidiary Lakomasko BV. Vedanta, India’s largest base metals miner, according to The Globe and Mail, is looking at aggressive expansions outside the home country.
K. Coimbatore Venkatakrishnan has been identified as the as the principal and top executive of Lakomasko by The Globe and Mail. The report also says that he was the chief executive officer of Vedanta’s Konkola Copper Mines (KCM) in 2006.
Vedanta, controlled by NRI businessman Anil Agarwal, is also in talks for acquiring US copper firm Asarco. Last week the company got an approval from a US bankruptcy judge for its subsidiary Sterlite’s plans of acquiring Asarco.
Reuters reports that HudBay had said in March that it was in talks with third parties for a possible sell out. It has also hired investment bankers to review the company’s strategic options. The advisors, reports Globe and Mail, will look at potential acquisitions for Hudbay as well as potential suitors. The company has about $700-million (Canadian) in cash on its balance sheet.