16th March 2017. In its latest report, released on 9th March 2017, the Norwegian Council of Ethics has again excluded Vedanta from the Government Pension Fund’s investment universe. The report is an indictment of Vedanta’s pattern of operation at four subsidiaries in Odisha, Chhatisgarh, Tamil Nadu and Zambia, finding “numerous reports of Vedanta’s failure to comply with government requirements” and concluding that “there continues to be an unacceptable risk that your company will cause or contribute to severe environmental damage and serious or systematic human rights violations.”
The Fund first divested from the company in 2007 after Vedanta Sterlite’s operations in India — Thoothukudi, Chhattisgarh and Orissa — and in other parts of the world were found to be in violation of accepted human rights and environmental norms.
The Pension Fund is “the world’s largest sovereign wealth fund with shares in 9,000 companies. . .[and] 1.3 percent of the entire world’s listed equity, giving the decisions it takes to drop or reinstate shareholdings or warn firms considerable weight among investors.”
Read the Council’s full assessment of Vedanta’s operations below. Continue reading
5th August 2016 Protests have been held in India and Zambia in parallel with today’s AGM of British mining company Vedanta Resources’ at Ironmongers Hall, Barbican, London. Inside the AGM dissident shareholders asked incisive questions submitted by Zambian villagers who are suing Vedanta in the UK for twelve years of polluted water, as well as displaced farmers who were never compensated for their land in Lanjigarh, Odisha, India and accuse Vedanta of murdering and harassing them with state collusion. A loud protest organised by Foil Vedanta took place outside the meeting, demanding that Vedanta subsidiary Konkola Copper Mines publish its hitherto secret annual accounts in Zambia, and accusing the company of pollution, human rights abuses and financial mismanagement in India and Afrika.
See the video of the London demo here… and of the Delhi demo here.
Please see a full report on proceedings inside the AGM bu London Mining Network entitled ‘Vedanta’s 2016 AGM: evidence, evasion and arguments‘.
and coverage in The Mining Journal, the New International, and Reuters.
At Vedanta’s London AGM activists from Foil Vedanta interrupted the meeting asking incisive questions to the Vedanta board and gathered shareholders on behalf of the Zambian Copperbelt villagers living downstream of Vedanta’s Konkola Copper Mines (KCM), who are demanding an end to twelve years of pollution by KCM, which has turned the Kafue into a ‘river of acid‘ and left them with no access to clean water. They asked why KCM has never submitted annual accounts in Zambia in accordance with national laws, and whether Vedanta’s deliberately obstructive approach to compensation cases as revealed in a recent London judgement was company policy.
5th May 2016 With $2.9 billion in debt covenants and inter-company loans due in 2016 Vedanta is turning to increasingly controversial and irregular methods to bleed cash from its few profitable subsidiaries. Having already asset stripped the Zambian Konkola Copper Mines, being prevented by an employees union from getting access to Hindustan Zinc Ltd’s $4.6 billion cash reserves, and by shareholder action from getting hold of Cairn India’s cash, Vedanta are now paying themselves ridiculous 1200% dividends in a desperate attempt to grab the cash and keep the lenders happy.
modern technology: Australian iron ore being loaded onto ships
12th August 2015. This editorial on the ecological economics and social impacts of the global mining industry was published in the July/August edition of the socialist Hindi magazine Samayik Varta. Please click the link to read it in Hindi or download a PDF version of the article here: Prosperity or plunder? The real story behind the global mining industry
Prosperity or plunder?: The real story behind the global mining industry
Samarendra Das and Miriam Rose, Foil Vedanta
Foil Vedanta is a grassroots international solidarity group based in London. We aim to hold the FTSE 250 UK listed company Vedanta to account by building a global movement of communities opposing its operations, and using scholar activism to expose the real interests behind Vedanta and other mining companies. In 2014 our report Copper Colonialism: Vedanta KCM and the copper loot of Zambia, which followed our visit to Zambia, ignited protests and helped change Zambian mining policy.
A history of mining:
Scientists still don’t fully understand how the deposits of precious metal in the Earth’s surface were formed, but the most recent theory suggests that they were brought to the Earth by enormous meteors which smashed into the planet 200 million years after the earth formed (4.3 billion years ago). The earth’s crust is mostly made up of Oxygen (47%) and Silicon (28%), followed by Aluminium (8%) and Iron (5%). Other metals are much more rare; Copper makes up 0.01%, Zinc 0.004%, Lead 0.002%, Tin 0.001%, Thorium 0.001%, Uranium 0.0004%, Silver 0.00001% and Gold 0.000001%. Only a fraction of these percentages are to be found in densities which are economically viable to extract.
In other words, metals are a very rare and very precious resource on our planet, and are completely irreplaceable. However, in 2014, after only a century of industrial scale mining, the speed and scale of extraction of metals has become so immense that most metals are predicted to run out in the next few decades. For example between 1.1 and 1.3 billion tonnes of aluminium has been extracted historically (until 2014), and at the current extraction rate of 40 – 46 million tonnes per year the remaining 8 billion tonnes will be used up in 20 – 40 years.
3rd August Seven global locations in India and Africa held angry protests today and over the weekend opposing the activities of British-Indian mining company Vedanta while Vedanta’s AGM at Ironmongers Hall, Barbican, London was mobbed by a loud rally organised by Foil Vedanta, accusing the company of pollution, human rights abuses and financial mismanagement. In London a comical staged boxing match between Vedanta’s 69.6% owner and Chairman Anil Agarwal and new CEO Tom Albanese, revealed the company’s debt problems and internal dynamics while protesters chanted ‘Corporate criminal, shame on you!’ and drummed loudly. Vedanta’s share price has slipped 61% this year to 377p, and continues to dive as Q1 results show increased debt, and Cairn India minority shareholders oppose their attempt to merge with the oil and gas subsidiary to gain access to its $2.6 billion cash reserves for debt servicing.
See the film of London protests and more pics at Demotix..and here and here.
See coverage in the Economic Times of India, the Hindu Business Line, the New International , Odisha Channel , Odisha Sun Times and the Lusaka Times.
See an account of the AGM shareholders meeting here.
Sesa Goa mine waste flood at the peak of the mining boom in 2009
14th July 2015. Krishnendu Mukherjee, Barrister and Advocate at Doughty Street Chambers, has been very involved in exposing the gross scale illegal mining carried out by Vedanta subsidiary Sesa Goa, and other iron ore miners in Goa. This article is a detailed analysis of the manipulations of legal procedures and previous judgements by mining companies and their government and judicial stooges, currently taking place in a desperate attempt to re-start mining in Goa.
Sesa Goa’s Sanquelim mine, a demonstration site of proper mine closure, but Sesa Goa have not reclaimed any of their other closed mines.
Meanwhile in Goa, mining dumps which are the result of illegal mining are being auctioned off, and local residents in Caurem claim that companies are taking away twice the amount of reject ore-bearing material as they are buying. Once a mine lease is terminated mined land should be reclaimed by the leasing company (as according to mine closure plans) and then returned to the state. However in a recent interview published in The Hindu’s Business Line, Vedanta CEO Tom Albanese is quoted as saying: “We are waiting for clarification on some environmental issues. We have been dumping waste on the land we bought, but we have been permitted to dump waste outside lease areas. We want clarification on whether it will be a proper mining practice to do so.” This slip of the tongue by Albanese raises an important question: Do mining companies intend to enact Mine Closure Plans and give the leased land back to the state at all? If not will they attempt to develop the land or sell it on to another buyer? These are important questions to be asked in Goa, where 18% of the state is affected by mining.
A Critical Legal History of Mining in Goa
by Krishnendu Mukherjee
On the 12.8.11, the High Court of Bombay at Goa, delivered a landmark judgment in relation to environmental protection. In Shankar Raghunath Jog v Talaulicar and Sons Pvt Limited and Union of India PILWP 6/2011, the High Court interpreted the Environmental Impact Assessment Notification (EIA) 1994, Paragraph III (c) provides the following:
“The [environment] clearance granted shall be valid for a period of five years from the commencement of the construction or operation of the project.”
Please join us to oppose the 6th Annual Responsible Extractives Summit at Tower Bridge Hilton on Monday 29th June.
Expose crooked executives from Shell, Vedanta, Rio Tinto, JP Morgan, Bechtel and more, co-opting UN’s human rights mechanisms and using sustainability and CSR spin to cover up their extensive and ongoing crimes against humanity and the environment.
Monday 29th June, 12 midday. Hilton Hotel, Tower Bridge, London, SE1 2BY.
Bring drums and placards!!
download the flyer here: Responsible Extractives demo flyer
More info on the true neocolonial faces of the key speakers at the event:
On 6th March Tom Albanese, the former Rio Tinto CEO, was appointed CEO of Vedanta Resources, replacing M S Mehta. The newspapers are billing his appointment as an attempt to ‘polish the rough edges off [Anil] Agarwal’s Vedanta’ and to save the company from its current crisis of share price slumps, regulatory delays and widespread community resistance to their operations. This article looks at Albanese’s chequered history and the blood remaining on his hands as CEO of Rio Tinto – one of the most infamously abusive mining companies.
The Financial Times notes the importance of his ‘fixer’ role, noting that:
The quietly spoken and affable geologist is seen as someone willing to throw himself into engaging with governments and communities in some of the “difficult” countries where miners increasingly operate. That is something that Vedanta is seen as desperately needing – not least in India itself. Mr Albanese may lack experience in the country but one analyst says that can give him the opportunity to present himself as a clean pair of hands who will run mines to global standards…“There’s a big hill to climb there” Mr Albanese said.(1)
12th February 2014
Last week several articles were published in the Zambian media reporting on a press briefing held by Vedanta executive Tom Albanese following a ‘closed door meeting’ he held with Labour and Social Security Minister Fackson Shamenda in Lusaka, Zambia, on the 7th February. Mr Albanese met with the Minister to refute claims made in Foil Vedanta‘s report ‘Copper Colonialism: Vedanta-KCM and the copper loot of Zambia‘, released to the Zambian press on January 31st. The report demonstrated that, contrary to their claims, Vedanta’s subsidiary Konkola Copper Mines (KCM) are making considerable profit in Zambia and are guilty of casualising the labour force as well as causing severe environmental damage.
We want to respond to some of the claims made by Mr Albanese, and present more evidence of Vedanta’s campaign of misinformation here.
Please click this link to download the full report: Copper Colonialism: British Miner Vedanta KCM and the copper loot of Zambia
or read it online at this link.
Our response also has been printed in the Lusaka Times and national level debate around the report is documented in the Zambia Post newspaper.