Sells stake in Canada's Hudbay Minerals for $152 million

Vedanta Resources has exited from Hudbay Minerals Inc by selling its 9.5 per cent stake in the Canadian mining firm for about $151.8 million. Vedanta had acquired about 14.5 million shares or 9.5 per cent stake in Hudbay Minerals, through a privately held Netherlands-based subsidiary Lakomasko BV for an undisclosed sum.

Later, it was speculated that Vedanta might use the company as its gateway to North America and even acquire it. However, in its annual report for the FY13, Vedanta said, "During the year ended March 31, the Group disposed of its investment in Hudbay Minerals Inc for a consideration of $151.8 million", but did not give any reason for the exit. A Vedanta spokesperson could not be reached for comments.