LYCOS RETRIEVER 
Anil Agarwal: Vedanta Resources
built 633 days ago
The main reason for the Armenian government's conflict with Agarwal is the concealment of the real reserves of gold by the gold plant. Although on February 2, 2005, the Economic Court ruled to uphold a settlement agreement signed between the Ararat Gold Recovery Company (AGRC) and the Environmental Supervision Department of the Ministry of Ecology, many problems still remain unsolved. We remind you that on June 3, 2004 the Ministry of Ecology's State Environmental Supervision Department published its findings which stated: "In an inspection carried out at the Sotk mine, 865.2 kg of gold, 3.3 tons of silver, 0.86 tons of selenium, and 7.18 tons of tellurium were discovered. An inspection of the Meghradzor goldmine in the Kotayk Marz revealed hidden resources consisting of 143.4 kg of gold, 2.78 tons of silver and 3.38 tons of tellurium." According to the ministry, the concealment of the metals cost the Republic of Armenia 900 million drams (approximately $1,800,000 USD) in lost revenues.
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Agarwal wouldn’t reveal the conversation during the ride, but by the time they biked from the world’s most famous centre of learning to the most important financial hub, Gilberton was a convert. He joined Vedanta as non-executive chairman for £2 million a year and sold the $825-million issue.
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Internall, executives admit that Hindustan Zinc's performance gave Anil the confidence to make a strong case of the benefits of privatisation a part of the Vedanta story. And that's why the Chanderiya smelter matters so much!
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