Vedanta to resume share buyback in January

LONDON, Dec 30 (Reuters) - Indian-focused mining group Vedanta Resources Plc (VED.L) plans to continue its $250 million share buyback programme by purchasing shares during its closed period in January, the firm said on Tuesday. A spokeswoman said an announcement to the stock exchange saying it would commence share purchases next month, was part of an existing programme announced on Dec. 2. At the time, the group said it would spend $250 million to buy back up to 10 percent of its shares, saying the move would add value for shareholders due to the decline in the shares and current market conditions. Since Dec. 2, Vedanta has made four announcements of share purchases totalling 1.5 million shares for around 8.1 million pounds ($11.77 million). The company -- which produces a range of commodities including aluminium, iron ore and copper -- had said it was well placed to keep investing in expansion programmes since the buyback would only use a small part of cash balances of over $5 billion. Vedanta shares have shed 68 percent this year and were down 0.8 percent at 646.5 pence by 1436 GMT, compared to a 1.0 percent increase in the UK mining index .FTNMX1770. ($1=.6881 pounds)