Vedanta seeks $1 billion in upsized share placement
Vedanta is joining a slew of Indian companies tapping stock investors amid surging valuations and increasing demand for equity investments in the country.
FT.com reports a Chinese supervisor died on Saturday after being hit by a trolley pushed at him at the Collum mine in Zambia during a dispute over minimum wages.
The Chinese embassy in Lusaka said two other Chinese nationals were slightly injured in the incident in Zambia’s southern province.
According to China Daily Zambia’s government recently decreed a substantial increase of the minimum wage for mine workers to about $200 (1 million kwacha) a month, but according to the South African Broadcasting Corporation miners at Collum are paid a minimum salary of only $80.
Two years ago Chinese supervisors wounded 13 local workers with shotguns in another pay dispute at the coal mine which produces some 100,000 tonnes a year. Chinese investment in Zambia has long been an issue in the African nation.
The UK’s Telegraph reports if a similar incident to the October 2010 shooting at Collum were to occur at a mine operated by the likes of Rio Tinto or Anglo American there would be a popular outcry that would send the their share prices tumbling, but nothing of the sort happend after this incident:
The Chinese argued they were acting in self defence, and Beijing made clear that should charges be pressed against them, bilateral relations would suffer. Zambia, unable to stand up to its biggest foreign investor, duly caved in: no criminal case was ever brought against the managers.
The latest incident would add further pressure on president Michael Sata who took office on the promise of improving mining conditions and a bigger share of mining profits for Zambians following protests at Chinese-owned copper mines and a brief ban on metal exports to sort out revenue collection in Africa’s top copper producer.
Sata at times also employed fierce anti-Chinese rhetoric while in opposition and his first meeting since taking office last year was with the Chinese ambassador to dispel fears over shifts in investment policy. Chinese investment in Zambia reached $2.4 billion in 2011 equal to roughly 20% of the southern African nation’s GDP.
Chinese-run copper mines in Zambia are routinely mistreating workers and breaking the law by imposing up to 18-hour shifts and flouting international health and safety standards, according to a Human Rights Watch November 2011 report, “‘You’ll Be Fired if You Refuse‘: Labor Abuses in Zambia’s Chinese State-owned Copper Mines”.
6 Comments
Ralphj
i think its total exploitation, of the African people, and the African continent as a whole .
Moses
Its better,you exploiters leave our ores untouched.you are now crying louder over the loss of your MINE BOSS.It pained us when you shot our bros,remember.India&China are our morden day slave masters.We can do without you guys,leave leave leave us alone
Jonel catabang
right.. if china cannot give the right wages and benefits to the mine workers..then there’s no use for their presence in that country.. they just want to get the minerals they want,, and leave..the host country remains poor and its environment devastated..they have poor track record on safety and environmental protection..just look how many have died in their country on mining related accidents..
Ronmalama
China has taken over the slave trade practices of the western and middle eastern world of yester years.
Chinese, Australian, Indian and European companies will take all copper, zinc, uranium, gold and cobalt and leave behind Holes for the future generations to fill.
When will our leaders wake up to the reality and diversify into agriculture, manufacturing and distribution hub for central africa?
Guest4395
Before your “leaders wake up to the reality and diversify into agriculture, manufacturing and distribution hub for central africa” your cultures and people will have to wake up to the personal need for the Asian or Protestant Work Ethic.
Pill too bitter to swallow? Keep on wallowing in despair and keep on blaming others (sometimes rightfully) for your troubles. Look how fast Europe and north east Asia recovered multiple times after multiple wars during the 20th century, wars worse than anything Africans have experienced.
You can be the next Martin Luther (not King) and start here:
http://en.wikipedia.org/wiki/Protestant_work_ethic
Charles Mubonda
It is so sad that life was lost. This is and will not be the end to the problem. The people are exploited and they can’t take it anymore. When a Chinese manager shot and wounded a protesting miner it was not news, no criminal charges now someone is dead we have banner headlines. A Chinese explosives factory exploded and people died, we have not forgotten, the pain is fresh.