Mining – India 1
1. Indian Tribals Take on Church of England Over Mining 1
2. Company Review: Sterlite Industries 4
3. Union Coal Minister Jaiswal visits Vedanta Aluminium Plant at Jharsuguda of Oriss 6
4. India plans e-auction of coal blocks in 2010 6
5. India to open new uranium mines, boost nuke power 7
6. Mines dept blind to Forest Conservation Act: CAG 7
7. No steps to douse fire even after 48 hours 8
8. Mining sector needs amendment' 11
9. Rio Tinto to begin pre-feasibility study in India 12
10. Reliance Money positive on mining sector companies 13
11. Pirna, Nanoda villagers united against mining 14
Mining – International 15
12. Battle over bankrupt miner Asarco heads to court 15
13. Ghanaians urged to invest in the mining sector 16
14. Five dead, one injured after mining train derails in central China 17
15. Austral Coke unit acquires mining licenses in W.Africa 18
16. Zambia Zesco Restores Power Supply, Mine Operations Normalize 19
Other News 19
17. Press Council Act needs amendment: Justice Ray 19
18. UPA working for 'khaas aadmi', not 'aam aadmi', says CPI(M) 20
19. What’s Behind the Decline in India’s Tiger Population - and What Can Be Done About It? 22
Mining – India
Indian Tribals Take on Church of England Over Mining
Siliconeer, News Report , Siliconeer Report, Posted: Aug 10, 2009
A young Kondh tribal from Orissa went to London at the end of July to appeal to annual general body meeting of shareholders of Vedanta Plc. The company is set to mine Niyamgiri Mountain.
The Church of England is beginning to feel the heat as well.
“The idea that there could be any connection between one of India’s most remote and inaccessible areas and the Church of England seems improbable, at first glance,” Alastair Dawson reported to the BBC.
“High in the monsoon mists in eastern India, witch doctors in the Niyamgiri hills still make sacrifices to the gods and tribes believe the hills are sacred.
“It is a world away from the quiet corridors of Church House - the headquarters of the Church of England in London.”
Campaigners say that the lives of indigenous people in India are under threat because of a mining project involving a U.K. company, in which the Church of England has a $4.1 million stake.
Threatened by proposed mining, the Kondh community living on the ecologically sensitive mountain has sent a representative to the U.K. to appeal to the shareholders to stop the mining plan.
“We cannot live without our God Mountain and the forest and we will continue our peaceful struggle. It is a life and death battle and Kondh people are united on this,” said Sitaram Kulisika before taking a flight to London supported by ActionAid.
(Right): A Kondh tribal in Orissa. The tribal community is accusing a British mining company of threatening their way of life with a proposed bauxite mining plant.
Vedanta Resources plc, a British-listed mining company, is about to start building an open-pit mine for bauxite (a raw form of aluminum) in the pristine Niyamgiri Hills. The bauxite will be transported by conveyor belt to a refinery at the foot of the hills.
The Niyamgiri hills are the ancestral home of thousands of tribal people whose distinctive way of life and culture makes them one of India’s most vulnerable indigenous groups.
According to a report by Centrally Empowered Committee of the Supreme Court, the mine will lead to massive deforestation, threaten key water sources and destroy local ecosystems, home to endangered animals such as tigers, leopards and elephants.
In the past appeal to shareholders of the company, international scrutiny of Vedanta’s activities in Lanjigarh and elsewhere led the Norway Pension Fund to withdraw its investment of $15.6 million from the company.
The Ethics Committee had stated: “Allegations levelled at Vedanta regarding environmental damage and complicity in human rights violations, including abuse and forced eviction of tribal people, are well founded.”
Another delegation of Kondh people will be hosting a candlelight vigil in Indian capital to draw attention of Prime Minister Manmohan Singh and seek support from citizens to stop mining and destruction of their very way of life.
The Church of England has been condemned by campaign groups such as ActionAid and Survival International for investing in the Vedanta company.
“We don’t need a foreign multinational to move into our area and promise jobs and development that are not required, ” said Kulisika.
The company is also accused of forcing tribal people off the land, damaging the environment and destroying wildlife.
All this on the face of it is highly embarrassing for the Church, which is why its Ethical Investment Advisory Group spokesman Edward Mason chooses his words carefully as he explains that there are no plans at present to withdraw the investment in Vedanta.
“For certain sensitive industries such as mining companies we have a three-year monitoring and engagement process,” he said.
“Where we have concerns that standards do not conform to norms of corporate behaviour we prefer to talk to them and bring about change that way.”
The church acknowledges that the allegations are “serious.”
ActionAid has brought over Kulisika, and a single share has been bought to enable hm to speak at the meeting.
The Dongria Kondh survive by gathering fruit, growing small crops of millet and selling jungle plants in the towns at the foot of the hills. The modern world has yet to reach the Niyamgiri hills - there’s no electricity, no school, no television, no telephones.
Kulisika is accompanied by ActionAid’s head of indigenous people’s rights, Bratindi Jena, who is equally passionate about the damage she says is being caused by the mining project.
“If you assess the cost benefit analysis of this project there are few benefits,” she says.
“Companies like Vedanta want to make tribal people servants in their own homeland. [These people] know what they want out of their relationship with Mother Earth - not foreign-backed companies.”
Several U.K.-based aid agencies are campaigning against the project, as well as the prominent environmentalist Bianca Jagger.
But Vedanta says it has the support of the Orissa state government and the law on its side.
“Before we went ahead with this project we consulted exhaustively to assess its environmental and social impact,” a spokesman said.
“The campaigners seem to have conveniently forgotten that this is a joint venture with the Orissa government and that it was approved by the country’s Supreme Court last year - the highest judicial body in the land.
“They also seem to forget that we are talking about a part of India urgently in need of investment. This is one of the poorest parts of the country where maternal and infant mortalities are too high and where illnesses such as malaria are rampant. This project offers people a much brighter economic future.
http://news.newamericamedia.org/news/view_article.html?article_id=d748c2b0384896a401fa56e8dd8dc979
Company Review: Sterlite Industries
Angel Broking
Sterlite Industries is a Vedanta-group company, with diversified operations in copper, aluminium, zinc and power, is well placed to weather the ongoing downturn.
It has been aggressively expanding capacities in almost all its divisions. Aluminium capacities will be doubled at Bharat Aluminium Company Ltd (BALCO) by September 2011E, to 0.72mtpa from 0.35mtpa currently, and the company is also setting-up aluminium capacities of 1.75mtpa in Vedanta Aluminium Ltd (VAL) by FY2013E.
After these expansions by the end of FY2013E, the total aluminium capacity will be 2.5mtpa, making it one of the largest aluminium producer in the world.
Through Hindustan Zinc (HZL), zinclead capacity is to be raised by 40% to 1.07mtpa by mid-2010E, making HZL the largest integrated zinc producer in the world.
Expansion plans
Sterlite, through its wholly-owned subsidiary, Sterlite Energy, is foraying into the merchant power business in a power-deficit Indian market.
This will provide it with the flexibility to either use its power for captive purposes, or to sell the energy as merchant power.
We believe that the power business will contribute 15% of the Consolidated Revenues and 21.3% of the EBITDA in FY2012E, after the commissioning of the entire 2,400MW project.
We believe that Sterlite’s balance sheet is healthy enough to feed its expansions. Hindustan Zinc, a 64.9% subsidiary, is a cash-cow with a cash balance of $2 billion at the end of FY2009.
Sterlite has a net cash balance of $1.6 billion and the Vedanta parent holds another US $5 billion. The recent ADS issue of $1.6 billion would fund the company’s power expansions and other expansions. Hence, despite the huge capex plans of $7.9 billion, Sterlite’s debt-equity ratio of 0.3x in FY2011E is in a comfortable position.
We expect Sterlite’s consolidated revenues and net profit to grow at a CAGR of 11.3% and 20.5% respectively during FY2009-11E.
Valuation
Due to the diversity of its businesses, we have valued Sterlite on a Sum-of-the-Parts (SOTP) Valuation and have arrived at fair value of Rs630.
At Rs629, Sterlite is trading at 16.7x and 10.3x its FY2010E and FY2011E Earnings, respectively. However, it is trading at 11.1x and 5.7x its FY2010E and FY2011E EV/EBITDA, respectively.
We initiate coverage on the stock with a NEUTRAL recommendation, and an SOTP-based target price of Rs630, at which Sterlite would trade at a P/E of 10.3x and an EV/EBITDA of 5.7x our FY2011E estimates.
http://www.livemint.com/2009/08/10092611/Company-Review-Sterlite-Indus.html
Union Coal Minister Jaiswal visits Vedanta Aluminium Plant at Jharsuguda of Orissa
Sunday, August 09, 2009
Email Story
Feedback
Print Story
Report by Orissadiary correspondent; Jharsuguda: Union Coal Minister of State Mr Shriprakash Jaiswal today paid an official visit to Vedanta Aluminium Ltd (VAL) Jharsuguda along with the key executives of the ministry. He took a round of the plant and visited the Independent Power Plant (IPP). He also planted the saplings inside the plant premises.
During the course of the visit he expressed his satisfaction over the progress of the plant and thanked the VAL authorities for their contribution to make the plant operational. He also wished for the speedy progress of the ongoing expansion project and early commissioning of the IPP. He also said that his support will always be there for VAL in their endeavour. He too interacted with the officials of VAL.
Mr S.K.Agarwal, Senior VP of VAL gave the welcome address while Mr Pramod Suri, the Director of VAL presented on the achievements of the Vedanta Resources with specific thrust on VAL‘s progress in Orissa. During his presentation Mr Suri said that the first unit of IPP worth 600MW will be commissioned much ahead of it’s schedule in Nov 2009. He also informed that the other three units will be commissioned in the month of Feb, May and August of 2010 respectively taking the total commercial power generation up to 2400 MW which will make the VAL Jharsuguda the largest power generating unit from a single location. A request was made to the Hon’ble minister to consider independent coal block for it’s IPP on pure merit basis.
http://orissadiary.com/Shownews.asp?id=13834
India plans e-auction of coal blocks in 2010
10 Aug 2009, 1202 hrs IST, REUTERS
Print
EMail
Discuss Share
Save
Comment
Text:
NEW DELHI: India plans to begin e-auction of coal mines for captive use by industries in 2010, Junior Coal Minister Sriprakash Jaiswal said on
Monday.
"A committee of state ministers is considering it and then it will go to the parliament for the amendment in the existing act. In 2010, you can say we will begin e-auction," the minister told reporters in Hindi.
http://economictimes.indiatimes.com/News/News-By-Industry/India-plans-e-auction-of-coal-blocks-in-2010/articleshow/4876644.cms
India to open new uranium mines, boost nuke power
________________________________________
Ramnath Shenoy
Bangalore, Aug 10 (PTI) India is embarking on opening new uranium mines and boosting nuclear power generation capacity as fuel supplies are expected to get a major push from domestic and international sources, a top scientist said.
Chairman of Atomic Energy Commission Anil Kakodkar told PTI here that the first consignment of 120 tonnes of uranium pellets had already landed in India, and the government was engaged in a dialogue with international vendor countries to get more such supplies.
Kakodkar said the uranium had been delivered under a kind of a long-term contract (with Russia). "They (Russia) will keep delivering and we will use it in the reactors, which we are putting under safeguards," he said.
"We also had a contract with Areva (of France) and uranium has come from there too," said Kakodkar, also Secretary in the Department of Atomic Energy.
http://www.ptinews.com/news/221351_India-to-open-new-uranium-mines--boost-nuke-power
Mines dept blind to Forest Conservation Act: CAG
Vijay Pinjarkar, TNN 10 August 2009, 05:09am IST
NAGPUR: The latest report of the Comptroller and Auditor General (CAG) has exposed the tall claims by the mines department on having implemented
better mining practices in forest areas.
The CAG report for 2007-08 says that there is gross manipulation and non-compliance in mines and minerals revenue. The report says that the mines department is blind to non-compliance of rules in the Forest Conservation Act (FCA) even though the forest department raised objection to operating of mines in forest areas. Most of the mines are either operating without permission or have not renewed their lease agreements.
The report also points out many inspection defaults. Out of 1,798 inspections required to be conducted in respect of working mines, only 262 inspections were conducted between 2003-04 and 2006-07. Similarly, in respect of non-working mines, out of 505 inspections due, inspection took place in only two cases. A quarterly review required to be conducted by the director was never done.
The CAG says that due to the absence of a system to monitor the settlement process, the directorate and government were not aware of the low percentage of settlement of lease applications, which was only 4.93%, and the consequent non-realization of dead rent of Rs 8.69 crore and stamp duty and registration fee of over Rs 8.94 crore.
The report also points out the failure of the government in safeguarding revenue interest before prescribing the basis for calculation of annual royalty for levy of stamp duty and registration fee. This led to revenue loss of at least Rs 4.94 crore. Also, illegal mining of 10.22 lakh million tonnes (MT) of minerals without mining lease led to loss of Rs 88.47 crore towards the cost of mineral and revenue not realized.
Due to inaction of the department in disposing off left over minerals, revenue of Rs 66.38 crore remained unrealised. Similarly, due to non-adherence to the prescribed assessment procedure, there was non/short levy of royalty of Rs 15.95 crore. The report also says that due to non-initiation of proposals to resettle the non-working mines, the government was deprived of Rs 25.26 crore revenue.
Highlighting the casual approach of mining authorities in Chandrapur, conservationist Kishor Rithe, president of Satpuda Foundation, pointed out that the department had told him last year that no mines have come up in Chandrapur since 1980! The same information was, though, correctly supplied by the forest department. "The report assumes significance in view of the numerous violations by the mining companies," he said.
http://timesofindia.indiatimes.com/news/city/nagpur/Mines-dept-blind-to-Forest-Conservation-Act-CAG/articleshow/4875356.cms
No steps to douse fire even after 48 hours
Jaideep Deogharia, TNN 9 August 2009, 11:12pm IST
Print
Email
Bookmark/Share
Save
Comment
Text Size: |
RANCHI/ HAZARIBAG: More than 48 hours since a major underground colliery fire engulfed about 50 metres of NH-33 connecting Barhi-Bahragora near
Kuju colliery in Ramgarh district, no steps have been taken either to douse the fire, evacuate the 50-odd settlements or constructing the diversion. In fact, the response of the authorities involving the CCL, road construction department and department of mines and geology of the state government have remained limited to conducting meetings and blaming on each other.
Irked over apathy of CCL officials in dealing with the underground fire that started at an illegal coal mining site of the abandoned Pundi project, Jharkhand governor K Sankaranarayanan on Sunday wrote to Union minister of state for coal Sri Prakash Jaiswal on Sunday seeking his cooperation in mobilising best available technique in the country to control the fire and help restore traffic movement on the Ranchi-Patna highway.
In his letter governor is learnt to have written that the CCL officials ignored government's directive of July 16 in which CCL was asked to take immediate steps to control fire because of which the NH finally subsided damaging a 50-metre-long stretch. He has also asked evacuation and rehabilitation of the 50-odd settlements in the area that have come under the fire zone.
A major fire engulfed part of the NH-33 between Kuju and Loha gate that comes under CCL acquired area. Rat hole mining under the NH-33 was in progress for several years that resulted in five tunnels running parallel to each other cutting across the width of the NH.
TOI reported the matter back in June 23, 2008 when CCL officials assured that the company would engage experts to close the tunnels. Because of tunnels underneath, several cracks had developed over the NH. Thousands of heavy vehicles ply on the highway further damaging it in the process.
Earlier this year a small fire broke out in one of the tunnels due to fire torches (mashaal) used by illegal coal miners. The matter was one again reported by TOI following which the CCL authorities decided to put up warning sing boards all across the Loha gate region of NH-33 warning drivers against underground fire.
Meanwhile, the idea to construct a diversion was mooted and several rounds of meeting were conducted. While CCL authorities blamed the district administration for not being serious about the hundreds of FIRs lodged against coal mining, road construction department of the state government blamed CCL authorities for not tackling the tunnels dug under the NH.
The state road construction department restricted its role to maintaining the road only once the National Highways Authority of India (NHAI) proposed to take up the road for four-laning.
Chief engineer NH (Ranchi road division) Rakesh Kumar Gupta said the department had been writing to the CCL since 2007 seeking their cooperation in stopping illegal mining and support for preventing the damage being caused to NH.
"We were told that team from Australia was engaged to fill up the tunnels but nothing actually happened," he said.
Reacting to the present situation head department of public relation CCL MN Jha said a team of experts from Central fuel research institute, Dhanbad, WAS being engaged to douse the fire using chemicals whereas CCL CGM (safely) TB Mitra said a team would visit the spot on Monday to assess the situation and work accordingly.
Meanwhile movement of vehicles on the Ranchi-Patna haighway have come to standstill. The traffic has been diverted through Bokaro and Dhanbad.
http://timesofindia.indiatimes.com/news/city/ranchi/No-steps-to-douse-fire-even-after-48-hours/articleshow/4874974.cms
Mangalore: Illegal Sand Mining and Transportation: 15 Trucks Impounded
Pics: Sphoorty Ullal
Daijiworld Media Network - Mangalore (SP)
Mangalore, Aug 10: The policemen who detected illegal mining and transportation of sand from Nettilapadav in Naringana village near Ullal, took into possession 15 trucks that were involved with this activity, on Sunday August 9.
The raid was conducted on Sunday morning, under the leadership of Panambur deputy superintendent of police Girish S. Cases have been booked against the truck operators that included Farooq Derlakatte, Ashfaq K C Road, Hanif Talapady, Mohammed Talapady, Sattar Talapady and Sunil from the city, at Konaje police station. Rural police station inspector Lingappa Poojary, Kankanady sub inspector of police Prakash Ullal, sub inspector T D Nagaraj,Konaje sub inspector S F Lohar and other personnel took part in the operation.
The people of the region however, said that this was only a tip of the ice berg, as over a thousand truck-loads of sand is being transported illegally from the Netravati river bed on a daily basis and that the operators of this racket have scant regard to the regulations governing sand mining and the need to pay hefty charges to the government for conducting this activity.
http://www.daijiworld.com/news/news_disp.asp?n_id=63903
Mining sector needs amendment'
TNN 9 August 2009, 09:49pm IST
Print
Email
Discuss Bookmark/Share
Save
Comment
Text Size: |
MANGALORE: Inaugurating a two-day international workshop on winning strategies to revitalise the mining sector organised by the mining department
of NIT-K here on Saturday, the Director-General of Mines Safety S J Sibal noted that the process of bringing about the necessary amendments to take care of contemporary realities of the mining sector is currently in the advanced stage. Sibal was the chief guest at the function.
There is need for flexible regulation of mining sector in India with simple easy process for amendment to keep such regulations updated and in pace with changing needs of the industry. In this direction, a gradual shift from the highly prescriptive legislation of the present to a goal setting legislation with built in mechanism for risk assessment and formulation of safety, health and environment management plan, he said.
Citing some of the amendments, Sibal said it seeks to introduce the concept of risk assessment and risk management in every mine, right from the planning to execution as well as the closure stages of the mine. It incorporates the appropriate occupational, safety, health and technical requirements necessitated due to introduction of high capacities machinery and system in large mechanised open cast mines, Sibal explained.
Noting that environmental impact due to mining is a major issue all over the world today, because the impacts are quite significant and revealing, he said awareness of the general mass against environmental damage has increased and the industry is under critical scanning. The environmental laws are stringent and captains of mining and mineral industry do not have any alternative but to go in for eco-friendly mining practices.
D N Prasad, director (mines), Union ministry of coal said the need of the hour is to give IT skills to students opting to study mining as a subject, a move which will increase their chances of employability in the mining sector. Noting that energy plans of the nation is coal dependent for the next three to four decades, Prasad said institutes should focus on this vital area and prepare students to meet challenges in different areas of mining.
Surendra Mohan, director (mines), Neyveli Lignite Corporation Ltd expressed concern about scenario in research and development activities in mining sector, which he said was dismal. Research in mining is mainly guided by the industrial problems. Industry oriented research programmes may not have a big impact but if they are beneficial to the mining activities even in a small way, should be encouraged at all levels, Mohan added.
The director of NIT-K Sandeep Sancheti, who presided over the function said, NIT-K would take steps to introduce PG diploma in mining safety. Observing that a SWOT analysis carried out by the mining department, which is celebrating its silver jubilee year this year has cited lack of adequate research and development, he said NIT-K will spur research and innovation by giving due attention to needs of the department in this regard.
http://timesofindia.indiatimes.com/news/city/mangalore/Mining-sector-needs-amendment/articleshow/4874558.cms
Aug 10 2009 3:25PM
Rio Tinto to begin pre-feasibility study in India
The company expects domestic diamond demand to increase
By: Diamond World News Service
Reference: 4090 E-mail to a friend:
Print:
Mining company Rio Tinto, is considering a pre-feasibility study at its Bunder diamond mine in Madhya Pradesh, India, which will entail around $75 million as investment. The study is likely to begin early next year. Expectations from the mine are being targeted at 2 million to 3 million carats as annual output.
The mining company is also exploring opportunities for diamond mining across others Indian states. It has been conducting exploration projects in the country for five years during which it has already invested over $20 million. The company cites domestic diamond demand of the country to increase in the future with the rise in disposable income and lifestyles of the Indian youth, reports say.
http://diamondworld.net/contentview.aspx?item=4090
Reliance Money positive on mining sector companies
Published on Mon, Aug 10, 2009 at 14:42 , Updated at Mon, Aug 10, 2009 at 14:45
Source : moneycontrol.com
Email Print
Ads by Google
Buy Mutual Funds Online
It's The Easiest & Best way Only at ICICIdirect.com
ICICIdirect.ecampaigns.co.in
Reliance Money is positive on mining sector companies. "Positive outlook on Steel augurs well for Iron ore mining and coke making companies as the prices of these essential inputs for steel making are robust," says Reliance Money's research report.
Reliance Money's report:
The Steel industry is back in reckoning due to return of demand from consuming sectors like construction, automobiles and consumer durables. The steel making companies have started to raise prices mainly for flat products. With rising demand and a cheaper raw material we expect the steel mills to generate better EBIDTA. We have a positive outlook for Steel making firms with domestic exposure. Although, the Aluminium prices have neared $2000/tn we are of the opinion that this high Aluminium price is not sustainable given the staggering inventory worth 2 months consumption awaits unlocking at LME and other exchanges. With rise in prices this inventory will start unlocking thus capping the gains. Hence we are not bullish on the Aluminium prices and hence Aluminium making companies.
Positive outlook on Steel augurs well for Iron ore mining and coke making companies as the prices of these essential inputs for steel making are robust. Iron ore prices for 63.5 grade are in touching distance to $100/tn and the standard grade coke (8% ash content) has stabilized at $400/tn. We are positive on the mining sector companies under our coverage.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
http://www.moneycontrol.com/india/news/brokerage-recos-sector-report/reliance-money-positivemining-sector-companies/410487
Pirna, Nanoda villagers united against mining
Rajendra P Kerkar, TNN 10 August 2009, 04:01am IST
Print
Email
Discuss Bookmark/Share
Save
Comment
Text Size: |
KERI: Villagers of Pirna and Nanoda villages jointly opposed mining of iron ore at Pirna alleging that it would destroy
ecology.
Despite strong opposition from the villagers of Pirna and Nanoda to the Sem Denominacao Especial, owned by Sesa Goa, the mine still obtained an environmental clearance certifiacte on June 9, 2009.
Environmentalist Ramesh Gawas said, "Mining has ripped apart the ecological, cultural and social fabric of our communities. There deadly government-industry nexus has allowed mining operations in violation of the law of the the land."
The Colvale river, Bardez's lifeline, flows through Pirna and Nadora and supports agriculture, fishing and other sources of livelihood. The river is not even 100m away from the mining site.
Yoganand Gawas, president of Pirna anti-mining committee says, "The mine comes under the comuninade area, and will pose serious threat to our agriculture and other plantation."
Pirna sarpanch Dattu Naik and Nadora VP head Madhura Mandrekar said that the gram sabhas had already passed resolutions to oppose the mine.
Fr Agnelo Fernandes of Pirna-Nadora church said, "We will not allow the mine to operate. All attempts to break our unity will be foiled."
Mining – International
Battle over bankrupt miner Asarco heads to court
Mon Aug 10, 2009 3:14am EDT
Email | Print |
Share
| Reprints | Single Page
MARKET NEWS
Stock futures signal dip after 4-week surge | Video
Dollar, European shares slip after rally
Nikkei hits 10-month closing high | Video
More Business & Investing News...
Featured Broker sponsored link
By Emily Chasan
NEW YORK, Aug 10 (Reuters) - India's Sterlite Industries (STRL.BO) and Mexican miner Grupo Mexico (GMEXICOB.MX) will take their battle for control of bankrupt U.S. copper miner Asarco LLC to court on Monday, as Asarco seeks to put an end to its four-year bankruptcy.
Asarco, which sought court protection in 2005 amid a worker strike and more than $1 billion in environmental damage and asbestos claims, is asking Judge Richard Schmidt of the U.S. bankruptcy court in Corpus Christi, Texas to approve a sale of itself for more than $2 billion to Sterlite as part of its reorganization plan.
The move is opposed by Grupo Mexico, which acquired Asarco in a leveraged buyout in 1999, but lacks board control due to the bankruptcy. Grupo Mexico, the largest copper miner in Mexico, has submitted its own offer to regain control of Asarco, making a bid it says is worth $3.1 billion in cash and notes.
Judge Schmidt will hear evidence on the merits of both plans at the hearing. Asarco Chief Executive Joseph Lapinsky could be asked to testify during the proceedings.
A flood of Asarco's creditors filed objections to Grupo Mexico's plan last week. The company's union, which supports the Sterlite deal, said Grupo's plan was "inadequate" and that it is "very unlikely" it would be able to reach a labor agreement with the Mexican miner after months of "painstaking" negotiations.
Private equity fund Harbinger Capital, one of Asarco's largest bondholders, had made an alternate $500 million reorganization plan offer for the company, but last week suspended consideration of its plan, saying it would support the Asarco-Sterlite deal.
An ultimate decision from Judge Schmidt on Asarco's fate would bring to an end a more than year-long international battle over the sale of the copper miner, which owns three mines in Arizona. The sale could offer significant repayment to many of the company's creditors.
Sterlite had made a $2.6 billion offer for Asarco in May 2008, but backed out of that deal in October, saying it needed a substantial reduction in price after a drop in the copper markets. That also led Grupo Mexico to reduce its offer from an earlier $2.7 billion proposal that offered full repayment to creditors. Months of negotiation resulted in revised bids of $1.7 billion and $1.55 billion from Sterlite and Grupo, respectively, which were later pushed higher.
A key issue in the hearing this week will also be a U.S. federal court decision earlier this year that found Grupo Mexico in 2003 had made a "fraudulent transfer" of Asarco's "crown jewel," a controlling stake in Peruvian miner Southern Copper Corp (PCU.N). Judge Andrew Hanen, who sits in U.S. District Court in Brownsville, Texas, found that Grupo Mexico should return the stake in Southern Copper to Asarco along with a cash payment, in a decision Asarco says is now worth about $7.5 billion.
Sterlite's plan for Asarco envisions keeping that judgment, while under Grupo's plan, it would be ineffective. Grupo is appealing the decision.
Grupo Mexico says its plan would offer more repayment to creditors and that it would pursue claims against Sterlite for backing out of its earlier deal.
Sterlite, an affiliate of London-listed Vedanta Resources Plc (VED.L), has been promised a break-up fee should its offer not go through.
The case is In re: Asarco LLC, U.S. Bankruptcy Court, Southern District of Texas, No. 05-21207. (Reporting by Emily Chasan; Editing by Rupert Winchester)
http://www.reuters.com/article/mergersNews/idUSN1041817220090810
Ghanaians urged to invest in the mining sector
NEW. Watch live television from Ghana plus the latest Ghanaian movies plus OBE TV.
Koforidua, Aug. 9, GNA - Mr James Adjei, an official of the Minerals Commission, has called on Ghanaians to invest in the mining industry to enable the country to fully benefit from proceeds from the sector.
He expressed worry that the indigenous people have ignored the industry and it has been taken over by foreigners. Mr Adjei was speaking at a day's workshop, organized by Newmont Akyem Project for media personnel in the Eastern Region, in Koforidua. He said royalties on minerals between three to sixth per cent paid to Ghana was not enough and explained that if Ghanaians should engage in mining, the country could benefit from 34 per cent of total investment to support the economy.
Mr Adjei said mineral export contributed to over 30 per cent of the country's foreign earnings and called for the revamping of the industry. He advised Ghanaian mining engineers and entrepreneurs to invest in small scale mining and not to relegate the sector to unskilled labour force.
Mr Adjei said the banks were ready to finance small scale mining but those in the sector could not submit the required documentation to enable them to acquire loans.
Ms Ajoa Yeboah-Afari, former President of the Ghana Journalists Association (GJA), urged journalists who report on mining companies, to draw the attention of the public to issues concerning mining and make suggestions that could boost mining. She advised journalists not to be concern only about negative stories about the mining industry but also to report on progress being made in the sector.
Mr Roland Affail Monney, Vice President of the Ghana Journalists Association (GJA), asked radio stations that broadcast in the local languages to avoid sensationalising their stories. He also advised radio stations to be cautious about putting eye witnesses on air without cross checking their stories and explained that such stories could spark national crisis if not carefully managed. Mr Oduro-Kwateng Marfo of Newmont Mining Company, said when the the Akyem Project takes off, it would employ both skilled and unskilled local labour.
Professor Kwame Gyan of the University of Ghana, explained that compensations were not meant to enrich the beneficiaries and urged the media to educate people in the mining communities on the need to be modest in their demands. Aug 9 09
http://www.ghanaweb.com/GhanaHomePage/NewsArchive/artikel.php?ID=166641
Five dead, one injured after mining train derails in central China
www.chinaview.cn 2009-08-09 23:27:40
Print
YICHANG, Aug. 9 (Xinhua) -- Five mining workers died and one was injured Sunday after a train carrying coal from the tunnel to the ground derailed in central China's Hubei Province, local authorities said.
The accident occurred at 4:30 p.m, at the private Shiba colliery with 200 workers and an annual production of 90,000 tonnes in Wangying Township, Lichuan City, local work safety administration said.
The injured was treated in a hospital, but his condition was unavailable.
Local police and work safety officials were investigating the cause of the accident.
http://news.xinhuanet.com/english/2009-08/09/content_11853930.htm
Austral Coke unit acquires mining licenses in W.Africa
Mon Aug 10, 2009 10:58am IST
Email | Print |
Share
| Single Page
[-] Text [+]
MUMBAI, Aug 10 (Reuters) - Austral Coke and Projects Ltd (ACPL.BO:Quote, Profile, Research) said on Monday its unit Astra Energy Ltd SRL, has acquired 16 mining licenses in Guinea in West Africa.
Astra Energy has acquired 12,63,000 acres of land for mining iron ore, bauxite and manganese, Austral Coke said in a statement.
Intially, the company plans to extract 5 million tonnes of Bauxite and Iron ore and 0.1 million tons of Manganese from these mines, Austral Coke said in a statement.
Also, the company plans to mine coking coal in 6 licensed areas of Mozambique, which has 300 million tonnes of reserves, from 2010, it said.
At 10:51 a.m., the shares in the company were down 4.45 percent in a Mumbai market that was down 0.22 percent. (Reporting by Ketan Bondre; Editing by Prem Udayabhanu)
http://in.reuters.com/article/domesticNews/idINBOM22662820090810
Zambia Zesco Restores Power Supply, Mine Operations Normalize
DOW JONES NEWSWIRES
Zambia's state power utility Zambia Electricity Supply Corp., or Zesco, restored normal power supply at its Kafue Gorge power station late Friday allowing copper mining companies to resume normal operations over the weekend, officials said Monday.
According to Christopher Nthala, Zesco director of generation and transmission, the two generation units which had been switched off last week were restored late Friday after successful post-commissioning checks.
The restoration of the units has bridged the deficit of 200 megawatts experienced following the shut down, he said.
Last week Zesco asked copper mining companies to trim operations due to the deficit. Copper mines consume up to 60% of Zambia's generated power.
Kafue Gorge was recently upgraded at a cost of $400 million to increase its production capacity to 990 MW from 720 MW as Zesco seeks to meet rising demand from copper mines, which need constant power supply to prevent flooding.
According to Nthala, Zesco managed to import up to 80 MW from South Africa during the shut down in a bid to balance demand and supply.
An official with Konkola Copper Mines, Zambia's largest copper producer, told Dow Jones Newswires separately it managed to restore normal mining operations at all its units over the weekend following the restoration of supply.
KCM, majority-owned by London-listed Vedanta Resources PLC (VED.LN), operates the wettest underground copper mines in Zambia, but prevented flooding last week because it was warned of the power disruptions in time, the official said.
Zambia is Africa's largest copper producer, with 2009 output projected at 600,000 metric tons.
-By Nicholas Bariyo, contributing to Dow Jones Newswires; +256 75 262 4615; bariyonic@yahoo.co.uk
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=IK6SbXbhWp%2FL8j9T7h7sHw%3D%3D. You can use this link on the day this article is published and the following day.
http://www.easybourse.com/bourse/actualite/zambia-zesco-restores-power-supply-mine-operations-716199
Other News
Press Council Act needs amendment: Justice Ray
Express News Service
First Published : 10 Aug 2009 11:44:00 PM IST
PALAKKAD: The Press Council of India Act enacted 22 years ago was in need of an amendment to make the directives of the Council binding on all parties concerned, said Press Council of India chairman Justice G N Ray.
Addressing mediapersons at the Tourism Guest househere on Sunday, Justice Ray said when the Press Council Act was enacted, the Council was chaired by a sitting Supreme Court judge. Hence, it was thought that its decisions would be binding on the media. “When the directives are binding, it will have a salutary effect on future actions. The suggestions for reforms include imposing a small monetary penalty or the withdrawal of government advertisements for a short period. At the same time, the Press Council should not be converted into a penalising forum either,” he said. The Bill for amending the Press Council of India Act was before the consideration of Parliament.
Sometimes the politicians themselves were not willing to take the bull by the horns, he added hinting at the reasons for the delay in taking up the Bill. He said the Press Council received more than 1,000 complaints annually.
Media commission
Often it was suggested that the electronic media should also be regulated so that it “does not transgress the limits”. Here, the need for introspection should come from the journalists themselves, Ray said.
He said instead of directly bringing in controls on the electronic media, it would be wise to constitute a media commission or expert body to study and submit a report on its functioning with suggestions. He also said that such a commission could work in tandem with the Press Council of India. In such a situation, the electronic media could hopefully agree to the recommendations of the expert body or media commission.
Trial by media
He said the trial by the media in certain cases was exceeding limits.
Many of the cases would not have surfaced at all without the revelations made by the media, he added.
http://www.expressbuzz.com/edition/story.aspx?Title=Press%20Council%20Act%20needs%20amendment:%20Justice%20Ray&artid=4XzmggHkzfY=&SectionID=1ZkF/jmWuSA=&MainSectionID=fyV9T2jIa4A=&SectionName=X7s7i|xOZ5Y=&SEO=
--
UPA working for 'khaas aadmi', not 'aam aadmi', says CPI(M)
Agartala (IANS): The Congress-led United Progressive Alliance (UPA) government has forgotten its electoral promise and is working hard for 'khaas aadmi' (special people) instead of 'aam aadmi' (the common man), said senior Communist Party of India-Marxist leader Brinda Karat here.
"The Left parties would launch a nation-wide stir with a mass convention in New Delhi on Aug 26, demanding food for all and adequate food security for people living below the poverty line, " the CPI(M) Polit Bbureau member said here on Saturday evening.
Ms. Karat and Tripura Chief Minister Manik Sarkar, who is also a Polit Bureau member, with other senior party leaders addressed the nineteenth central conference of Tripura Rajya Upajati Ganamukti Parishad, the frontal tribal organisation of the CPI(M).
Ms. Brinda Karat said: "The increase in the prices of essential commodities, particularly of food items, has become unbearable especially for the poor and the common people who can no longer afford the essential commodities, while the UPA government remained quiet and sincere towards the interest of the millionaires."
Referring to the Maoist violence in Lalgarh in West Bengal, Karat said nobody would succeed in eliminating the CPI(M)by violent means and the party flag would continue to fly high.
Ms. Karat said Tripura had topped the Indian states in handing over ownership rights of forest lands to tribal people.
"After the enactment of the Scheduled Tribes and Other Traditional Forest Dwellers (recognition of forest rights) Act, 2005, by the central government, 2.1 million tribal people across the country sought 'patta' (title deeds) of the forest land on which they had been residing for years," she said.
"But so far 400,000 tribals got it, while a tiny state like Tripura has provided 'patta' to 78,000 tribals," she added.
Addressing the gathering, Manik Sarkar said: "Taking advantage of the lesser strength of the Left parties in parliament, the UPA government is depriving the poor people."
"Bihar Chief Minister Nitish Kumar has sought our support to jointly categorise the system of identifying the below poverty line (BPL) category families as the UPA government is wrongly classifying them," Mr. Sarkar added.
The chief minister asserted that "the people would soon revolt against the anti-people stand of the centre for their survival."
"The centre has enacted a food security bill only to deprive the poor people of food protection."
The Marxist leader said that a small section of people got carried away and did not vote for the Left parties but their mindset would soon change against the Congress and the UPA government.
Referring to West Bengal politics, the Tripura chief minister said a deep-rooted conspiracy had been hatched involving the Raj Bhavan and others to destabilise the Left Front government in the state.
"The Left movement in Bengal and across the country are mature enough and have full strength to tackle the Maoist hostilities and the associated enmity in (West) Bengal," Mr. Sarkar told the gathering.
http://www.hindu.com/thehindu/holnus/002200908091751.htm
What’s Behind the Decline in India’s Tiger Population - and What Can Be Done About It?
Written by Rhishja Larson
Published on August 9th, 2009
in About Animals, In Asia
India’s tiger conservation efforts have suffered a multitude of major setbacks, and threats from inside and outside the country may lead to extinction of the wild tiger. Can the tiger be saved?
When Project Tiger was launched in 1973, India reported a tiger population of 1,827 tigers - a decline from 40,000 tigers in India at the turn of the century. Now, the tiger population in India is only approximately 1,400. The Indian public is outraged, and recently held a rally in support of saving its tigers.
It has now become clear that the almost four decade old Project Tiger has not been able to do much in stabilizing, let alone enhancing the tiger population in India. Its recent successor, the National Tiger Conservation Authority is said to be, for lack of better words, without teeth. And the tiger, perhaps unaware that so much is happening in its name is fast losing the battle to survive.
How did the tiger population in India get to such a sorry state?
• » See also: Too Many Camels: Australia Considers Helicopter Sharpshooters and Camel Burgers to Control Population Explosion
• » Get EcoWorldly by RSS or sign up by email.
Poaching driven by increasing demand for tiger parts
One of most deadly threats facing the tiger in India poaching for tiger parts. According to the Times of India, a single tiger “ground down and separated into various medicines” brings in around $50,000. Belinda Wright of the Wildlife Protection Society of India said in the article that poachers use Nepal to move between India and China, where increasing demand for tiger parts is driven by rising affluence:
It’s the traditional Chinese medicine market that’s driving demand.
This assessment is confirmed by the Wildlife Protection Society of India WPSI).
Recent undercover investigations by the Wildlife Protection Society of India (WPSI) and the Environmental Investigation Agency (EIA) revealed that the trade in tiger and leopard body parts in China continues to thrive, operating without any hindrance from the Chinese government whilst driving India’s wild tigers closer towards extinction.
The market for tiger parts is, in fact, so pervasive in China that the country has tried (so far, unsuccessfully) to get the ban on trade in tiger parts lifted in hopes of legalizing its commercial tiger farms, where tigers are bred and raised for slaughter. The “tiger farms” - government-sanctioned animal abuse and cruelty - are flourishing in China. And Chinese demand for elephant ivory (for making decorative trinkets and displaying wealth) and rhino horn (for medicinal “potions” to cure fever and other common ailments) is also behind the industrial-scale poaching of elephants and rhinos - which is escalating along with China’s new affluence.
No more room for tigers?
WPSI reports that mining and other development projects are reducing tiger habitat.
Large development projects, such as mining and hydroelectric dams, are also taking their toll on the tiger’s habitat. In the past ten years, thousands of square kilometers of forest land have been diverted and destroyed to facilitate such projects. Though mostly outside the protected network, the loss of this vital habitat will have serious repercussions on tiger conservation in India.
And despite the recent good news of a sighting of two tiger cubs in Valmiki Tiger Reserve, mining activities are apparently getting in the way of identifying core critical habitat for tigers in the area.
Tigers and humans were pitted against each other again in 2006 when India passed acontroversial new law giving forest-dwelling tribes and other traditional residents rights to occupy and cultivate land that they and their ancestors have lived on for generations.
Known as the Scheduled Tribes and Other Traditional Forest Dwellers (Recognition of Forest Rights) Act, the law applies to families that have lived in the forest for at least three generations.
However, the act happens to include “pristine wildlife habitat”, and it may prove over time to be a setback to much of India’s wildlife conservation efforts.
Ashok Kumar, a senior advisor and trustee to Delhi’s Wildlife Trust of India, criticized the act in aNational Geographic article.
In my opinion this law is eco-suicide. It would pockmark the heart of tiger country and there simply won’t be any forest anymore.
Kumar’s opinion was seconded by Sejal Worah, program director of conservation WWF-India.
Critical areas of high biodiversity value constitute only 4 percent of India’s land, so this law should really have another mechanism for the people within these areas.
As part of the new act, scientific assessment and identification of “critical wildlife habitats” is allowed. And if relocation for forest dwellers is deemed necessary to preserve habitat, relocation can be done - as long as forest dwellers are involved in every stage of the process and are offered viable livelihood options.
However, outspoken critics like Prashanta Kumar Sen, former director of the government-run Wildlife Institute of India, say that the rules are unclear, and the resulting ambiguity is likely to stall the process indefinitely.
By the time critical wildlife habitats are actually identified—which could take one year or ten years—forests will have already gone down the drain.
Tiger protectors outgunned - literally
Poachers have the means to acquire the latest in assault weaponry, and apparently have no problems attracting new recruits. Sadly, this is in stark contract to those tasked with protecting tigers, as Askok Kumar recently revealed that forest guards, wielding lathis or .315 rifles, have to take on poachers armed with automatics.
There are huge vacancies in their ranks and most of them are old since there has been no recruitment for 20 years. They are not well-versed in legal procedures and 90% of the cases against poachers fail to stand up in court.
Furthermore, according to WPSI, while new protective strategies have been proposed, they have yet to be implemented.
Prevailing conservation efforts are not geared towards, nor have they adequately addressed, the new threats with new protection strategies ie. better law enforcement, training and support. Excellent new tiger protection measures (such as the recommendations of the (Subramanian Committee for the Prevention of Illegal Trade in Wildlife, 1994 and Tiger Task Force, 2005) have been proposed but not implemented and little effective action has been taken in the field. Few of the tiger reserves have an established intelligence network and nearly 80% of our tiger reserves do not have an armed strike force or basic infrastructure and equipment to combat poaching. The forest guards are often out-gunned and out-manned by poachers. In December 1998, three forest staff were murdered in Manas Tiger Reserve and several cases of murder and serious assault on forest guards have been reported since.
Brenda Wright of WPSI also told TOI that in the case of Panna Tiger Reserve losing its last 24 tigers, lack of coordination between centers and states resulted in tragedy: She stated that the Central team ignored warnings by the Madya Pradesh authorities.
Will the latest public outcries save India’s tigers?
Fortunately, the public has taken notice of tigers in crisis and organized a tiger rally in New Delhi.
… school children and several civil society groups in the Indian capital city of New Delhi are coming together to demand the basic right of the tiger – a Right to Survival. And in that, ensuring the survival of the entire human race. The Rally that follows a tiger consultation will also be a shift from all that has been done to all that needs to be done.
The Rally was deemed a success at raising awareness and bringing the public’s outrage over the crisis to the attention of politicians.
The event, that took place amidst a major tiger crisis, was one of the first attempts at reaching out to urban India and raise awareness about the inter-connectedness between the tiger and human survival and make the public move the politicians. The initial dent has been made, the follow up is what will now determine the fate of the tiger and of our future generations.
And why save the tiger? Take a look at the compelling case for saving the tiger in this Delhi Greens article.
Here’s to hoping India’s tigers have started the journey to recovery!
Image source: http://www.flickr.com/photos/27391161@N07/ / CC BY 2.0
Tweet This Post
Tags: China, chinese, Conservation, delhi greens, human encroachment, India, mining, poacher,poaching, rally, tiger, wildlife
http://ecoworldly.com/2009/08/09/whats-behind-the-decline-in-indias-tiger-population-and-what-can-be-done-about-it/
No comments:
Post a Comment