Vedanta to exclude base metals business from sweeping demerger
The group said it will consider the base metals business demerger at a later stage.
Peruvians in the northern region of Cajamarca are not giving up easily in their fight over Newmont Mining’s proposed Conga copper-gold mine.
The Toronto Star reports thousands of rural residents walked the 870-kilometre route south to Lima over 11 days in what has become known as The National March for Water and Life.
The protesters say Conga will destroy the environment by transforming four high Andean lakes into reservoirs for mining operations.
Newmont has said the company will not begin mining until reservoirs are built to supply water to local communities.
The Star notes that much of the local anger is directed toward leftist Peruvian President Ollanta Humala, who promised upon election last year to reign in foreign mining companies. Since taking office, however, he has appeared to side with them.
In January Peru announced a program of social and infrastructure investments in its poor Cajamarca region aimed at winning over local protesters who have brought to a halt Newmont Mining’s $4.8 billion Conga project over environmental concerns.
In December the government was forced to declare a state of emergency after boulders were used to block exits from the regional capital of more than 200,000 inhabitants. Schools, hospitals and business were closed and dozens injured in clashes with police.
Conga, an expansion of the existing Yanacocha gold mine, is being jointly developed by Newmont and Peru’s Buenaventura in what would be the largest foreign investment in a Peru mining operation. If allowed to go ahead, it would produce 7 million gold ounces and 400 million pounds of copper by 2017.
Comments
Mcinnes160
People give your head a shake and wake up and smell the coffee……Newmont is willing to bend over backwards to bring Eduacation, Health and prosperity to one of the poorest regions of Peru not counting all the spin-off benefits and you’re fighting it. Peru if you ever really want to get out of the dark ages now is the time. Give your kids a fighting chance and embrace this opportunity to advance. Mining is the future of Peru,and under proper guidance and control can be done Safely and environmentaly friendly……………..Just my opinion