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Posts Tagged ‘Sterlite’

2008-04-03,The Economic Times-Vedanta plans $15b mining play in IndiaPeople in Tucson are asking questions about Vedanta and Sterlite, an Indian/British company seeking to take over Asarco, as venerable an old American/non-America mining company as you would find anywhere.

Now it appears the folk in Tucson are simply doing what an 8,000-strong tribe in India is doing:  expressing concern about Vedanta and Sterlite and their commitment to mining, resource development, and land restoration. 

The battle in India is ugly.  Consider the salvos by Vedanta:

Vedanta argues that the area involved is a tiny fraction of the Kondh’s traditional lands, and will be returned to its natural condition once the mining is over.   It has also pledged to bring health care, sanitation and education to an area where many die of preventable diseases, and where tribe members have in the past sold their babies to buy food.

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Warm Crystal Cluster

In this morning’s news is a story about cooperation between a US Democratic Congressman and a Republican Congressman.  They are cooperating to demand that the Justice Department “investigate the environmental track records of Sterlite, its parent company Vedanta and other companies seeking to gain ownership of Asarco.”

Currently Asarco is owned by Grupo Mexico and has been the topic of many a story about a legal battle, so complex I cannot pretend to understand it.  These two paragraphs sum up the issues:

Lawyers for a century-old Arizona-based mining company are set to make their closing arguments in a month-long trial over whether its Mexican parent illegally stripped it of its most valuable asset, leaving the company to flounder into bankruptcy.

Asarco LLC is asking a federal judge in Brownsville to order Americas Mining Corp. to return that asset — a controlling stake in two Peruvian copper mines — and the dividends it has provided. The combined value is estimated to exceed $10 billion.

Deep in the InfoMine Companies & Properties database, we find this: 

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