Exxaro scraps sale of Black Mountain zinc stake to IDC
Development financier opts out of buying a key stake in Vedanta’s Northern Cape mines as it resets its strategy
Exxaro Resources has stopped the sale of its stake in the Black Mountain Mining zinc operation owned by India’s Vedanta Resources after the buyer, the Industrial Development Corporation (IDC), changed its strategic focus.
Exxaro put its 24.4% stake in Black Mountain up for sale in 2019 and the buyer was the IDC. However, with the change in the global economy and the state-owned national development financier’s revised strategic response, the sale was cancelled, Exxaro said on Monday...