Monthly Archives: January 2014

Copper Colonialism – Foil Vedanta Zambia report launched

Picture 321st January 2014.  In December Foil Vedanta activists made a trip to Zambia to investigate the operations of Vedanta subsidiary Konkola Copper Mines (KCM), Zambia’s biggest copper miner, and to make links with grassroots movements, academics, journalists and those in the political system who may be questioning the unjust terms of copper mining in their country.

We were shocked to discover the environmental and social devastation wrought by Vedanta’s operations, and the lack of information held by policy makers and regulators in Zambia on this multinational as well as on wider issues with copper market manipulations, material flows and the real interests controlling their country. This report is a comprehensive account of the origins of, and interests behind the rapid loot of Zambia’s copper resources which is currently taking place.

The Mine Workers Union of Zambia have now launched a full investigation into the evidence in the report, and Vedanta Executive Tom Albanese has been flown out to Zambia to refute the evidence we have published.

Download the report here, or read the full (35 page) report online below.

To download the report click here: Copper Colonialism: British Miner Vedanta KCM and the copper loot of Zambia

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Vedanta loses $10 billion investment at Niyamgiri and slips to FTSE 250

Celebrations of the Niyamgiri victory at Jarapa in August

Celebrations of the Niyamgiri victory at Jarapa in August

On Saturday 11th January the Ministry of Environment and Forests finally gave its statement formally rejecting permission for Vedanta’s Niyamgiri mine. In late December another major disaster hit the company when low share prices got them officially demoted from the FTSE 100 to the FTSE 250, removing their ‘blue chip’ status.

The failure of the Niyamgiri bauxite mining project is estimated by some to have cost Vedanta $10 billion in lost investments. Vedanta boss Anil Agarwal had built the Lanjigarh refinery at the foot of Niyamgiri mountain, and even expanded it sixfold, so sure was he that he would gain permission to mine despite the local inhabitants’ dissent. In November 2004 he even used a Financial Times article to mislead investors and create confidence, by claiming that he already had permission to mine the mountain.

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