sign on form

Stay up to date

Sign up now for all our news
in one monthly digest

Mining in Goa/ Sesa Goa India pdf

Main
Basics
Issues
Update
Finance
Companies
News
Documents
Media
image
Advalpal villagers protest against Sesa Goa mining company in front of the Company headquarters in Goa's Capital city of Panjim, June 4, 2008.
description

Sesa Goa is the largest iron ore producer and exporter of Goa. Since 2007 Vedanta Resources is the majority shareholder of Sesa Goa. Sesa Goa's main mining operations are at Codli and Sonshi. Sesa Goa also has other mining sites in villages such as Pissurlem in Sattari and Advalpal in Assonora.  Besides mining activities in Goa, Sesa Goa is also mining in Karnataka and Orissa.

Open cast iron ore, manganese and bauxite mining in Goa causes major social and environmental threats, including air pollution, atmospheric dust, water pollution and scarcity, destruction of agricultural fields, fisheries losses, human right problems, and more.

Local communities and civil society groups have raised serious concerns about the impacts of mining in Goa. Read more.


what must happen

Norway's pension fund, the world's second-largest sovereign wealth fund, sold its shares in Vedanta Resources due to the company's systematic environmental and human rights failures at four Indian subsidiaries. Banks should follow Norway's example.
Financial institutions that have a social ethic or a concept of responsible lending should sever ties with Vedanta Resources and its subsidiaries.


location
image
on record
last update: Sep 06, 2016

sectors
mining - non coal

working partners

Sebastian Rodrigues, Goamap, India


share this dodgy deal

Potential legal violations

  • Contamination of groundwater and river water
    Water act. 1974
    Environmental Protection Act. 1986
    The Mineral Conservation and Development Rules, 1988
    The Mines and Minerals Act. 1957
  • Contamination of air quality with dust and chemical pollutants
    Air Act. 1981
  • Noise pollution
    The Noise Pollution (Regulation and Controls) Rules, 2000
  • Encroachment by Sesa Goa onto School land
    Land Acquisition Act. 1984
    Forest (Conservation) Act. 1980
image
on record
last update: Sep 06, 2016

sectors
mining - non coal

working partners

Sebastian Rodrigues, Goamap, India


share this dodgy deal
Oct 07, 2009

Sirigaon Litigation
In June 2008 Sirigaon village residents filed a petition to the Bombay High Court claiming dried up well and siltation as a result of the mining activities. The Bombay High Court ordered an independent government body to investigate the case (National Environmental Engineering Research Institute). In 2009 a report from this government body confirmed the depletion of water supplies and the land situation. It recommended that the companies (among others Sesa Goa) should “replenish the aquifier, restore the damaged rice fields and stabilise mine waste”. These actions are estimated to cost $1.4 million over 18 months. Read more.

Advalpal Litigation
In 2009 a public interest litigation was filed by a nine-year-old child of Advalpal village through his mother Sharmila Naik together with the Goa Foundation. The petitioners alleged that Sesa Goa was indulging in hazardous mining in violation of the approved mining plan. On September 17, 2009 the High Court of Bombay (interim order) restrained  Sesa Goa from undertaking Phase I and II mining in Advalpal. The Court ordered Sesa Goa to write a proposal for removing illegal mining dumps in Advalpal before the next hearing, likely in October 2009. Read more.

image
on record
last update: Sep 06, 2016

sectors
mining - non coal

working partners

Sebastian Rodrigues, Goamap, India


share this dodgy deal
financial institutions involved
banks

In April 2007, Vedanta Resources acquired a 51% controlling stake in the Indian iron ore mining company Sesa Goa and made a bid for another 20%. Total investment was US$ 1,370 million (€ 1,015 million). The acquisition was financed in July 2007 by a one-year bridge loan of US$ 1,100 million (€ 815 million) and existing cash resources. The bridge loan was arranged by ABN Amro Bank (now part of Royal Bank of Scotland), Barclays, Citigroup and ICICI Bank. Fifteen banks participated in the syndicate, which was signed in August 2007.

In August 2008, Vedanta Resources secured a US$ 1 billion (€ 642 million)five-year loan. The loan is used to refinance the US$ 1.1 billion acquisition loan that Vedanta took out in 2007 to help fund the purchase of a 51% stake in Sesa Goa, India’s biggest private sector iron ore producer. The total banking syndicate consisted of 24 banks.

Since 2009 several banks have indicated they will not invest in Vedanta Resources anymore. Among these are Deutsche Bank, WestLB, and Danske Bank. Also many investments funds have disinvested from Vedanta Resources. Among these are the Norwegian Government Pension Fund, Martin Currie Investments, the Church of England, the Joseph Rowntree Charitable Trust and the Dutch Pension Fund PGGM. The main reasons for these disinvestments are Vedanta's persistent bad performance on environmental, social, and human rights issues, and it's refusal to cooperate and improve on these issues.

image
on record
last update: Sep 06, 2016

sectors
mining - non coal

working partners

Sebastian Rodrigues, Goamap, India


share this dodgy deal

The following companies are involved in Mining in Goa/ Sesa Goa:

image
on record
last update: Sep 06, 2016

sectors
mining - non coal

working partners

Sebastian Rodrigues, Goamap, India


share this dodgy deal
2010 2009 2008
image
on record
last update: Sep 06, 2016

sectors
mining - non coal

working partners

Sebastian Rodrigues, Goamap, India


share this dodgy deal
image
on record
last update: Sep 06, 2016

sectors
mining - non coal

working partners

Sebastian Rodrigues, Goamap, India


share this dodgy deal
pictures
videos

Goa mines: Kids bear the brunt
Oct 05, 2009 - As India observes Children's Day a hard fact that could well be the shame of the country's beach paradise Goa is a school that is a serious health hazard. NDTV brings you exclusive report from Goa's Sonshi village where children go to a government school right in the middle of a mine.

image
on record
last update: Sep 06, 2016

sectors
mining - non coal

working partners

Sebastian Rodrigues, Goamap, India


share this dodgy deal
Login

Good login. Redirecting to
'My Banktrack'.
Wrong login. Click here to request your password.
An email has been sent with your login!
Request password
This email is unknown.
<< Back
Search
Please provide one or more search terms

Join our mailinglist

Get all our latest news releases delivered straight to your inbox - or get our News Digest once a month

banktrack tweets
The UN’s climate fund is failing to invest in those most in need: https://t.co/XZQj2hafIZ
Sep 28, 2016
RT @ConversationUK: New coal plant threatens the world's largest mangrove forest, home to endangered tigers and dolphins https://t.co/9Stl
Sep 28, 2016
contact
route
Vismarkt 15
6511 VJ Nijmegen
Netherlands


contact@banktrack.org
Contact us