Robbing Africans
An African faith coalition publishes a detailed examination of the ways in which citizens are defrauded of mining profits. The document refers particularly to AngloGold Ashanti, which has a subsidiary listing on the London Stock Exchange, and to Konkola Copper Mines, owned by Vedanta Resources.
See http://www.minesandcommunities.org/article.php?a=9925.
Mining companies reject windfall tax
MINING companies have vehemently opposed the reintroduction of a windfall mining tax in Zambia despite the current boom in international copper prices, warning that raising taxation could plant uncertainty in future investments in the sector. Among the companies involved is London-listed Vedanta.
See http://www.minesandcommunities.org/article.php?a=9844.
Zambian copper output to rise in 2010
Copper output is rising in Zambia again, but whether that will benefit the country or its people is a moot question. To quote the independent economic analyst in this article: “Agreements with the mines should quickly be renegotiated because the tax regime [is] more favourable to the foreign investors than the country”. But the recent [...]
UK Parliamentary human rights committee issues report on UK businesses
In 2009, the UK Parliament’s Joint Committee on Human Rights conducted an inquiry on business and human rights.
London Mining Network and a number of its member groups and associates made submissions to this inquiry.
Volume 1 of the Committee’s report includes conclusions and recommendations. The cross-party Committee of both Houses of Parliament is very critical of [...]
Vedanta: Risks to banks
At a September seminar in London with investors in Vedanta, mining researcher Roger Moody of Nostromo Research gave the following paper on risks to banks from investments in the company.
Roger has 26 years experience in studying the mining industry.
Roger started by comparing Vedanta’s Anil Agarwal with Dick Fuld – the toast of Wall Street three [...]
