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Calls to amend UK Financial Services Bill to ensure human rights standards

Richard — Wed, 23 May 2012 17:07:42 +0000

Lisa Nandy MP and John McDonnell MP called yesterday for the British Government’s Financial Services Bill to be amended so that companies wishing to list on UK Stock Exchanges would need to report on their human rights record.

Repeated reference was made to London Mining Network’s report, published in March 2012, on UK listed mining companies and the need for stricter regulation (see http://londonminingnetwork.org/docs/lmn-the-case-for-stricter-oversight.pdf) and in particular to mining companies Vedanta and Monterrico Metals.

Financial Secretary to the Treasury Mark Hoban MP did not accept the suggested amendment but suggested that John McDonnell MP and London Mining Network seek a meeting with the Minister responsible for corporate governance and the Financial Reporting Council.

The text of the debate can be found at http://www.publications.parliament.uk/pa/cm201213/cmhansrd/cm120522/debtext/120522-0002.htm#12052240000080 or viewed at: http://www.parliamentlive.tv/Main/Player.aspx?meetingId=10771&st=17%3a03%3a20&player=silverlight (starting at 17.40).

Goan farmers fear environmental disaster, courtesy Vedanta

Richard — Wed, 23 May 2012 17:00:21 +0000

London-listed Vedanta Resources’ iron ore subsidiary, Sesa Goa, is the biggest mining company in India’s internationally-renowned “holiday state”. Most tourists are blissfully unaware of the company’s impacts. But, for many Goan farmers, the massive overburden dumps created by Sesa Goa aren’t just eyesores. They form precarious mountains of potentially toxic mud which bleed onto crops, smother vegetation, and contaminate water sources.

See http://www.minesandcommunities.org/article.php?a=11707.

Greenwash Gold on Resonance FM

Richard — Wed, 23 May 2012 16:59:16 +0000

This Clear Spot from April 26th asks which dodgy company most deserves the Greenwash Gold medal in 2012? Who is covering up environmental destruction and devastating communities while pretending to be a good corporate citizen by sponsoring the Olympic games? With so many controversial companies providing sponsorship, it’s a pretty tough call to make, but London Mining Network, UK Tar Sands Network and Bhopal Medical Appeal have shortlisted three and are enlisting your help to choose who gets the dishonour. Crammed into this programme, you will hear representatives of impacted communities from Mongolia, Utah, Canada, the Gulf Coast, West Papua and India telling stories as to how the sponsors of “the most sustainable Olympics ever” have devastated lives and livelihoods all over the world.

Go to http://soundcloud.com/platformlondon-1/greenwash-gold-on-resonance-fm.

See the Greenwash Gold website at http://www.greenwashgold.org/ and vote for the worst Olympic sponsor!

Vedanta charges ahead in India

Richard — Fri, 11 May 2012 17:15:34 +0000

London-listed Vedanta Resources has yet again fallen foul of Indian law. Its Sesa Goa subsidiary is finally to be prosecuted for alleged fraud connected with iron ore trading. Meanwhile, residents in Goa itself accuse Vedanta of seeking to build a new pig iron smelter under the guise of expanding an existing, highly polluting, plant.

Yet another group of government workers has taken umbrage at the prospect of a deal with Vedanta – this time in Orissa. Last month, staff at child nutrition centres in Karnataka revolted against a move to place the UK company in charge of a government feeding programme. Now, employees at state-run Nalco are protesting against the prospective sale of their alumina to Vedanta’s Jharsaguda smelter. The workers maintain that Nalco “will not only lose precious foreign exchange leading to fall in its profit, it would also pave the way for Nalco’s privatisation. We will not allow this to happen”.

See http://www.minesandcommunities.org/11674.

See also Vedanta pollution: 22 died of TB in a village, allege tribals, http://www.cgnetswara.org/index.php?id=10774.

Nuclear news

Richard — Fri, 11 May 2012 16:52:30 +0000

Nuclear Grim Reapers and Liquidators join The Big Six Energy Bash

Kick Nuclear and friends, dressed up as Nuclear Grim Reapers and Liquidators, joined hundreds of environmental and social justice activists at The Big Six Energy Bash in central London, targeting EDF and the other energy fat cat corporations at the UK Energy Summit.

See http://stopnuclearpoweruk.net/content/nuclear-grim-reapers-and-liquidators-join-big-six-energy-bash.

Japan to Nationalize Fukushima Utility (TEPCO)

Japan is set to nationalize Tokyo Electric Power, the operator of the ravaged Fukushima Daiichi nuclear power plant, under a ¥1 trillion ($12.6 billion) bailout plan approved Wednesday. The government has separately committed ¥2.4 trillion in taxpayer money to meet compensation payments arising from the accident. But estimates of the payments that Tepco might have to pay out have reached many tens of billions of dollars, making further government support likely.

See http://www.nytimes.com/2012/05/10/business/global/japan-to-nationalize-fukushima-utility.html?_r=2&hp.

The Worst Yet to Come? Why Nuclear Experts Are Calling Fukushima a Ticking Time-Bomb

The spent fuel in the hobbled unit 4 at Fukushima Daiichi not only sits in an elevated pool outside the reactor core’s reinforced containment, in a high-consequence earthquake zone adjacent to the ocean — just as nearly all the spent fuel at the nuclear site is stored — but it’s also open to the elements because a hydrogen explosion blew off the roof during the early days of the accident and sent the building into a list.

See http://www.alternet.org/health/155283/the_worst_yet_to_come_why_nuclear_experts_are_calling_fukushima_a_ticking_time-bomb?page=entire+.

Japan shuts down last working nuclear reactor

All 50 reactors now closed for maintenance after 2011 tsunami but government faces major public opposition to reactivation.

See http://www.guardian.co.uk/world/2012/may/05/japan-shuts-down-last-nuclear-reactor.

Anti-nuke activists resume hunger strike in India

Update: Nearly 500 women from the coastal hamlets around KKNPP joined the fast with 24 activists who were observing the fast-unto-death stir since May 1.

See http://www.dianuke.org/koodankulam-pmane-announces-indefinite-hunger-strike-from-starting-may-day/.

Vedanta casts more oil on troubled Indian waters

Richard — Fri, 04 May 2012 19:13:18 +0000

Ever since its triumphant listing on the London Stock Exchange in December 2003, Vedanta Resources has moved several big steps forward, yet suffered several setbacks at the same time.

Last month, the company announced it was exploring for iron ore in Liberia. This came just as a court challenge was made to Vedanta’s take-over of Cairn India, which granted the UK outfit access to the country’s most prospective oil field.

Vedanta has also just taken control of a major child nutrition programme in Karnataka, despite accusations that the move is illegal. It’s also been vigorously contested by the very workers responsible for the scheme.

See http://www.minesandcommunities.org/article.php?a=11659.

Vedanta’s PR Campaign Backfires in India

Richard — Wed, 25 Apr 2012 14:01:10 +0000

On a recent visit to Bhubaneswar, the capital of the large eastern state of Odisha, I found the airport plastered with advertisements and slogans expressing the nurturing, socially conscious side — caring for the poor, growth with inclusive values, creating happiness — of the many steel and aluminum companies that have major operations in one of India’s poorest but most mineral-rich and business-friendly states.

The most prominent voice in this cluster belonged to Vedanta, a London Stock Exchange-listed “globally diversified natural resources group with wide-ranging interests in aluminium, copper, zinc, lead, silver, iron ore, oil and gas and power,” headed by Anil Agarwal, one of India’s richest and most controversial businessmen.

Read about what the advertisements did not say…

See http://www.bloomberg.com/news/2012-04-24/mining-company-s-pr-campaign-backfires-in-india.html.

Once more into the breach – Vedanta

Richard — Wed, 25 Apr 2012 13:59:46 +0000

UK company brazenly flouted construction rules

Two and a half years ago, Vedanta’s BALCO subsidiary was accused of illegally constructing a coal-fired power plant whose chimney collapsed, killing at least forty two workers in the Indian township of Korba, Chhattisgarh. Critics claim the UK-listed company then proceeded to build a replacement plant without obtaining necessary permits.

Last weekend, these allegations were confirmed by documents obtained under India’s Right to Information Act, leading the mayor of Korba to declare: “We have strongly objected and sought to dismantle the illegal construction in the past. Notices have been issued to Balco repeatedly and stiff fines imposed. Better speak to the police why no action has been taken after the complaints were lodged”.

See http://www.minesandcommunities.org/article.php?a=11651.

London Calling reveals Vedanta son’s mission to bring health and happiness to India’s rich

Richard — Wed, 25 Apr 2012 13:56:40 +0000

Yet another junior member of the notorious Anil Agarwal clan has spread their wings with the blessing of the pater familias. Last month, the Vedanta Resources’ executive chairman’s daughter was revealed as leading the company’s “Happiness” campaign. Now, Anil’s son Agnivesh is (wait for it!) investing in a sophisticated, hi-tech “health care” company, previously unconnected with Vedanta or its Sterlite subsidiary.

See http://www.minesandcommunities.org/article.php?a=11637.

Odisha to withdraw notification from acquisition of 438 acres of private land in Posco site

Richard — Wed, 25 Apr 2012 13:40:40 +0000

The state government of Odisha (Orissa) in India has initiated the process of withdrawal of notifications for acquisition of 438 acres of private land in seven villages in the project site near Paradip.

The recent verdict of Odisha High Court would compel the state government to withdraw the notification from the acquisition of 438 acres of private land of proposed Posco steel plant.

See http://orissadiary.com/CurrentNews.asp?id=33358.

British-based investors in South Korean company POSCO include Barclays, Alliance Bernstein/Alliance Bernstein Global Wealth Management, Foreign and Colonial Investment Trust PLC, and Henderson Far East Income Limited: see http://moneytometal.org/index.php?title=Special%3ASearch&search=Posco&go=Go.

Indian tribe stands firm as Vedanta mine appeal adjourned

Richard — Thu, 12 Apr 2012 14:55:27 +0000

One of the world’s most controversial mines is back in the spotlight after hundreds protested against renewed efforts to mine India’s Niyamgiri Hills. Dongria Kondh and Niyamgiri supporters held their own ‘public hearing’ in Orissa state, where they restated their resolve not to allow mining on their sacred mountain. The meeting coincided with a Supreme Court appeal in Delhi, which sought to overturn a 2010 ruling preventing UK mining company Vedanta from building an open-pit bauxite mine in the Niyamgiri Hills. See http://www.survivalinternational.org/news/8253.

See also Indian tribe’s Avatar-like battle against mining firm reaches supreme court, http://www.guardian.co.uk/world/2012/apr/08/indian-tribe-avatar-supreme-court?newsfeed=true

and Court to rule on mining plan, http://www.independent.co.uk/news/business/news/court-to-rule-on-mining-plan-7626978.html.

Rio wields the diamond blade

michaela — Thu, 05 Apr 2012 10:08:20 +0000

About three months after BHP Billiton announced it was reviewing the future of its diamonds business with a view to selling it, Rio Tinto has followed suit with its own strategic review. The decisions of both of the big miners to question the future of diamonds within their portfolios might, at face value, appear odd. The fundamentals for the sector appear quite solid, with rising demand and little new supply. Demand for diamonds tends to grow with living standards and therefore they lag peaks in demand for hard commodities like iron ore or copper. Rio itself expects demand from India and China to double by the end of this decade. So why sell?

See http://www.businessspectator.com.au/bs.nsf/Article/Rio-diamonds-BHP-Argyle-sale-future-portfolio-De-B-pd20120327-SS5V5?opendocument&src=rss.

Vedanta’s girl has got the “X Factor”!

michaela — Thu, 05 Apr 2012 10:00:57 +0000

Vedanta Resources’ cynical campaign, to create an impression of “happiness” among communities impacted by its destructive activities, has been widely ridiculed. Now, it turns out that Vedanta’s supremo, Anil Agarwal, has been grooming his own daughter to spread the corporate guff. Meanwhile, India’s Serious Fraud Office has concluded that Vedanta’s subsidiary, Sesa Goa, did not infract rules on the invoicing of its iron ore exports. And, in a further boost to the company’s fortunes, Vedanta’s full take-over of its Hindustan Zinc subsidiary now looks close to fruition.

See http://www.minesandcommunities.org/article.php?a=11588&l=1.

India’s Green Tribunal suspends environmental clearance to Posco

michaela — Thu, 05 Apr 2012 09:35:46 +0000

India’s recently-formed Green Tribunal has shown some teeth. It’s ordered the suspension of the environmental clearance, granted just over a year ago, to the country’s biggest proposed industrial project, declaring the earlier process to have been “vitiated in the eyes of the law”. Now the Ministry of Enviornment will have to perform a new Environmental Impact Assessment.

See http://www.minesandcommunities.org/article.php?a=11597.

India: Iron fists in dubious gloves

michaela — Fri, 16 Mar 2012 22:57:34 +0000

The Indian state of Goa has pledged to close down all illegal iron ore mines. That’s welcome news, except that some “legal” outfits – such as Vedanta’s Sesa Goa – have also been accused of profiting from illegal operations. Meanwhile, the world’s second largest iron ore exporter, Rio Tinto, is set to invest US$2 billion in its Orissa iron ore project, claiming it’s already “working with local communities” to secure a social license.

See http://www.minesandcommunities.org/article.php?a=11552.