The Joseph Rowntree Trust today joined the Church of England and other investment companies who have demonstrated their commitment to human rights, in withdrawing its funds from British-listed mining firm Vedanta. 

Serious concerns

The Trust pulled out a £2.2m stake in the company due to "serious concerns about its approach to human rights and the environment." This is hugely encouraging news to the long-running campaign by the Kondh tribal people of Niyamgiri Mountain, who are fighting to save their homeland from Vedanta’s proposed bauxite mine. 

The Kondh rely on Niyamgiri Mountain for their food, culture and medicines and it is the seat of their god, Niyam Raja. The mine will lead to massive deforestation, threaten key water sources and destroy the local ecosystems they rely on.
 
In July last year, Joseph Rowntree met with Kondh tribal representative Sitaram Kulisika and ActionAid representatives to hear first-hand what is happening on the mountain.

The Trust tried to engage with Vedanta, but "were not convinced that Vedanta was addressing shareholder concerns quickly enough to avoid destroying people’s lives and creating irreversible damage to the environment."

Powerful message

ActionAid has been campaigning alongside the Kondh for six years, and welcomes Joseph Rowntree’s commitment to ethical investment. By getting rid of its stake in the company, The Trust is sending a powerful message to other shareholders of the risks inherent in investing in Vedanta. 

Meredith Alexander, Head of Trade and Corporates at ActionAid, said: "The Joseph Rowntree Charitable Trust’s welcome decision to sell its shares in Vedanta is a principled stand against a company under fire for its ethics. The bad news for Vedanta just keeps coming as more investors realise the truth behind the company’s plans to mine Niyamgiri."

With the Kondh repeatedly saying that they do not want the mine, it seems unlikely that it really is in the best interests of Vedanta’s shareholders to see the project go ahead. 

The Indian government has yet to give final approval for the mine: please support the Kondh by signing the petition to the Indian Prime Minister. 

For more information visit our Vedanta pages.