Time to Pay for Damage Done
Over 2,500 villagers in Zambia are to be financially compensated by a British mining company for significant water pollution to the region’s waterways.
In a joint statement issued late last month, the villagers, represented by Leigh Day solicitors, and Vedanta Resources Ltd said:
“Without admission of liability, Vedanta Resources Limited and Konkola Copper Mines Plc confirm that they have agreed, for the benefit of local communities, the settlement of all claims brought against them by Zambian claimants represented by English law firm Leigh Day.”
The claim was brought by the thousands of locals including 642 children, against Konkola Copper Mines Plc and its parent company, UK-based Vedanta Resources.
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4 Feb 2021 by david LUSAKA, Zambia
Zambian villagers whose land and water was polluted by effluent discharged by the operators of the world’s second-largest copper mine have reached an undisclosed settlement agreement with the mine’s owner.
A joint statement issued 18 January said: “Without admission of liability, Vedanta Resources Limited and Konkola Copper Mines Plc confirm that they have agreed, for the benefit of local communities, the settlement of all claims brought against them by Zambian claimants.”
The claim, issued in 2015 by more than 2,500 villagers, centred on pollution from the Nchanga Copper Mine run by Konkola (KCM). It described how toxic effluent discharge from the mine damaged local land and waterways used for irrigation, and the use of polluted water for drinking, washing and bathing caused residents severe health problems. The alleged contamination is understood to have begun in 2005.
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MUMBAI, India, Jan. 29, 2021 /PRNewswire/ Vedanta Limited today announced its unaudited consolidated results for the Third quarter (Q3) and Nine Months ended 31
st December 2020.
Strong financial performance in Q3 FY2021
Revenues of ₹ 22,498 crores, up 8% q-o-q, primarily due to increase in commodity prices and higher sales at Aluminium, Iron ore and Steel business
Robust EBITDA margin1 of 39%, highest in last 4 years
EBITDA of ₹ 7,695 crores, up 18% q-o-q and y-o-y, highest quarterly performance for > 2 years
Attributable PAT (before exceptional items and tax on dividend) of ₹ 3,017 crores, up 51% q-o-q
Strong Balance Sheet
Net Debt/EBITDA at 1.5x, maintained at low level