British mining giant Vedanta Resources' plan to operate a US$900 million refinery in eastern India hit a fresh obstacle on Friday when the Supreme Court set new conditions for the project.
Vedanta's battle to mine bauxite to feed the refinery in forests considered sacred by tribals is seen as a test case in India, pitting industrial development against the interests of locals and the environment.
The court refused to let the project in Orissa state proceed on the grounds it could hurt "sustainable development" but it offered Vedanta's Indian unit, Sterlite Industries, the chance to come up with a new plan.
The decision came just over two weeks after Norway's state pension fund withdrew US$13 million in investments in Vedanta, accusing it of "causing serious damage to people and to the environment" in India.
The court said it did not oppose the project in principle but that it needed to be assured of Vedanta's credibility as it had to protect the interests of future generations.
It said Vedanta would have to give around US$180 million in compensation for forest destruction, wildlife management and tribal development. Other conditions included handing over five percent of pre-tax profits annually from mining projects across India to the Orissa government to fund development.
The mining giant will also have to set up a "special purpose vehicle" with the Orissa state government to ensure the conditions are met, the court said.
Vedanta must file an interim application within eight weeks saying if it agrees to the conditions.
"We welcome the court's decision," said Babu Mathew, head of ActionAid India which opposes the mining plans.
But the group remained "very apprehensive" about the final outcome, saying mining operations would "cause irreversible ecological damage" and the "death and destruction of tribals," he said.
Vedanta has been fighting for three years for permission to open cast mine vast deposits of bauxite in the densely forested Niyamgiri hills to supply the refinery it has built nearby.
In the past, the company has denied any wrongdoing and argued the project would be welcomed by residents of the desperately poor region.
In a stinging 2005 report, an environmental panel set up by the Supreme Court accused Vedanta of blatantly violating environmental guidelines.
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Chizuko Kimura has become the first female sushi chef in the world to win a Michelin star, fulfilling a promise she made to her dying husband to continue his legacy. The 54-year-old Japanese chef regained the Michelin star her late husband, Shunei Kimura, won three years ago for their Sushi Shunei restaurant in Paris. For Shunei Kimura, the star was a dream come true. However, the joy was short-lived. He died from cancer just three months later in June 2022. He was 65. The following year, the restaurant in the heart of Montmartre lost its star rating. Chizuko Kimura insisted that the new star is still down
While China’s leaders use their economic and political might to fight US President Donald Trump’s trade war “to the end,” its army of social media soldiers are embarking on a more humorous campaign online. Trump’s tariff blitz has seen Washington and Beijing impose eye-watering duties on imports from the other, fanning a standoff between the economic superpowers that has sparked global recession fears and sent markets into a tailspin. Trump says his policy is a response to years of being “ripped off” by other countries and aims to bring manufacturing to the US, forcing companies to employ US workers. However, China’s online warriors
RSS