Sesa Goa acquires remaining stake of Western Cluster
Sesa Goa, a subsidiary of FSTE 100 company Vedanta Resources plc, is the sole owner of Liberia's Western Cluster after acquiring the remaining stake from Minerals and Mining, Delware.
Sesa Goa, a subsidiary of FSTE 100 company Vedanta Resources plc, is the sole owner of Liberia's Western Cluster after acquiring the remaining stake from Minerals and Mining, Delware.
The iron-ore producer and exporter has purchased 49% of the outstanding common shares of Western Cluster for a cash consideration of $33.5m.
"Western Cluster is a logical and strategic fit with Sesa's existing iron ore business and is expected to create significant long term value for all stakeholders," Vedanta said in a release Friday.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company said exploration activities were progressing well, having last month completed more than 42,000 metres of drilling.
Sesa Goa is India's largest producer and exporter of iron ore in the private sector and Vedanta said it believed it was on course to becoming one of the top four in the world.
Vedanta shares dropped 2.16% to 1,130.00p at 09:23 Friday.
RD
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
DIY pension investors take tax-free cash amid switch to ISAs
Self-invested personal pension (SIPP) investors are rushing to withdraw their tax-free cash and turning to ISAs amid fears of a pension tax raid in the Autumn Budget
-
12 ways pensions could be reformed in Budget – including an alternative to charging IHT
Pension savers could face new rules after the Budget if chancellor Rachel Reeves targets their pots to fill her own fiscal black hole – what potential pension changes could be on the way?