Sterlite asked to deposit Rs. 100 crore with Collector
The Supreme Court on Tuesday directed the Sterlite copper smelter plant to deposit within three months a compensation of Rs.100 crore with the Tuticorin Collector. A Bench of Justices A.K. Patnaik and H.L. Gokhale said this amount would be put in fixed deposit in a nationalised bank for a minimum of five years, renewable as and when it expired, and the interest would be spent on suitable measures for improvement of the environment after consultation with the TNPCB and approval of the Government of Tamil Nadu.
The Tamil Nadu Pollution Control Board (TNPCB) on Saturday ordered closure of Sterlite Industries Ltd.’s copper smelter unit in Tuticorin, in the wake of alleged noxious gas leak from it. The TNPCB, under instructions from District Collector Ashish Kumar, issued a notice directing the Vedanta group company to close the plant, officials said.
Company officials said they have started shutting down the operations of the unit complying with the TNPCB order, which came a week after an unspecified gas allegedly leaked in the area on March 23.
Marumalarchi Dravida Munnetra Kazhagam (MDMK) general secretary Vaiko on Tuesday strongly pleaded in the Supreme Court for a permanent closure of the copper smelting plant of Sterlite Industries at Tuticorin in Tamil Nadu.
He made this submission before a Bench of Justices A.K. Patnaik and H.L. Gokhale, hearing an appeal filed by Sterlite Industries against a Madras High Court judgment directing closure of the plant. The Court in October 2010 had stayed the judgment and is now in the process of final hearing of the case.
Beijing A multi-metal mine in resource-rich Tibet has been found to have the potential to be one of the world's 50 biggest mines of its kind that could generate an annual product value of USD 712 million from 2015.
The mine located in the birthplace of Tibetan King Songtsen Gampo about 68 kms from provincial capital Lhasa may become the country's biggest copper town in 10 years, Jiang Liangyou an official of Tibet Huatailong Mining Development said.
Vedanta Resources, the London-listed holding company, will sell its stake in three companies in India to its Indian subsidiary Sterlite Industries in an all-share deal, two people with direct knowledge of the development said.
Vedanta, owned by billionaire Anil Agarwal, will sell its 100% stake in Vedanta Aluminium, the 94.8% it owns in Madras Aluminum and its 38% stake in oil refiner Cairn Energy to Sterlite Industries to make its subsidiary a metal, mining and oil giant.
MD assures portfolio of aluminium, copper will help the company in difficult times
Aluminium, on the London Metal Exchange (LME), has been falling since the beginning of the year. So has been the core earnings of Hindalco Industries and in turn, the profits. The company maintains that its two businesses, aluminium and copper, complement each other well. D Bhattacharya, managing director, Hindalco Industries, says,
Hindustan Copper Limited and the Rajasthan Government propose to start joint ventures to explore and exploit copper and other mineral deposits in the State. The initiative is part of Hindustan Copper Limited's plan to consolidate its mining business, especially in Rajasthan.
The company is planning to execute as many as eight mining projects across the country at an estimated capital expenditure of Rs.3,435 crore to quadruple its mining capacity over the next five years,
The Supreme Court on Tuesday, while permitting Sterlite Industries at Tuticorin to continue the operations at its copper plant, directed the company to file a fresh application before the Tamil Nad
