Tuesday, 10 May 2016

Thorium Scam Not A Reality - VV Mineral Mining

As reported by World Nuclear Association (WNA), the global body of nuclear industry, India hosts 3,00,000 tonnes of Thorium deposit. However, recent studies suggest that these beach minerals have seen depletion compared to past records. It is estimated that close to 2,00,000 tonnes of Thorium Oxide is missing from India. Monazite quantity along the Indian coastline has also seen a decrease by more than 2.1 million tonnes.

VV Minerals is known to be the largest firm producing Garnet and Ilmenite. The spotlight has suddenly moved to the company as stakeholders have begun scrutinizing a possible scam. Chairman, founder of VV Minerals India was quick to refute all allegations. “The mineral rich sand is getting washed away from the Indian coastline in the absence of mining, and as a result, Sri Lanka, located further down, is reaping rich benefits at the cost of Indian industry,” he added.

To pull off a scam of such extent seems practically impossible for one company. In this scenario, S VV Mineral Vaikundarajan explanation seems more realistic. India is under the threat of losing its thorium rich status due to the rising water-level caused from global warming.

V Narayanasamy, Minister of State in the Prime Minister’s Office in Lok Sabha was quoted, “Indian Rare Earths Ltd (IREL), a public sector undertaking under the Department of Atomic Energy (DAE), is the only company exporting Monazite. Ilmenite, Rutile, Leucoxene, Garnet, Sillimanite and Zircon are separated from beach sands and these individual heavy minerals — free of Monazite — are being exported. No licence or permission is required from DAE for these substances due to the delisting of Ilmenite, Rutile, Zircon etc. from the list of prescribed substances”, said V Narayanasamy.

Following the scam allegations, the State Government has set up an investigation team to look into the matter. VV Mineral Mining involvement in the scam is yet to be proved. Meanwhile, VV Mineral Vaikundarajan has openly supported the investigating committee and believes that the results will be in favour of the company.

1 comment:

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