MAC: Mines and Communities

Vedanta: Bad Pennies keep turning up

Published by MAC on 2005-03-04

Vedanta: Bad Pennies keep turning up

Rather belatedly, the Zambian government has come under heavy attack from prominent citizens, the mining area's Chamber of Commerce, and the Zambia Congress of Trade Unions (ZCTU), for allowing Vedanta Resources plc to rake off huge first quarter profits, following a bottom-drawer tender for the Konkola Copper Mines complex (and with a tax holiday to boot!)

It's an uncanny replay of accusations made against the BJP-led Indian government five years ago, when it sold off major state-owned alumininum copmpany, BALCO, for what opposition politicians and trade unioinists claimed was a fraction of its true value.

Who got the pickings then? None other than Sterlite - re-incarnated today as Vedanta Resources plc.

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