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In 12” skillet, bring 2 cups water to boil. Add contents of yellow rice mix and olive oil; stir to combine. Boil 30 seconds. Reduce heat to medium low. Simmer, covered until rice is tender and water is absorbed, about 25 minutes, stirring in mixed vegetables and black beans after 20 minutes.
Remove skillet from heat; stir in cheese. Let skillet sit, covered, until cheese is melted, about 5 minutes more. Serve warm.