VV Mineral Disliked By Its Rivals, Accused To Be A Part Of The Thorium Scam

Tamil Nadu, January 18, 2015 (Newswire.com) - These accusations were proven false, as these claims were made by envious rivals, who wished to discredit the heavy mineral organisation.

At the time, when these accusations were flying around, the complaints regarding illegal beach sand mining were registered, immediately operations were halted until a proper investigation was conducted. After investigations were completed, the company was proven innocent. Yet the stigma, of such accusations remain.

The heavy mineral company is still under a lot of speculation. Allegations like these not only affect the company’s reputation but also affect its relations with other countries where it exports its products.

One of the biggest points to arise during the thorium scam was the amount of it present in the country. As per a report presented in the Lok Sabha in 2002 by Atomic Minerals Directorate of Exploration and Research (AMDER) there were 12.8 tonne of thorium present in the country. But, a similar report states that there were just about 10.7 tonnes of thorium present in India. Thus concluding that nearly 235,000 tons of thorium was missing. This raises the question as to where has 2.1 tonne of monazite disappear?

Well the truth is that thorium is easily and abundantly available in the country, as pointed out by VV Minerals Mr. Jaideep. He further adds that since the mineral is not rare it need not be exported illegally to gain added benefits and profits as it is present in other parts of the world too. Also the figures that were claimed do not match up to the actual consumption or production of the same in the country.

According to data, the actual consumption of thorium is about 4 tonne yearly in India, while the total consumption of thorium in the world can be summed up to about 10 tons.

It must also be noted, that there is restrictive access to any personnel on the site, as only authorised people are allowed in its vicinity and letting unauthorized people into private facilities is breach itself. As most of these companies fall under the jurisdiction of AERB, visitors and inspectors require permission to enter such premises.

As for the second claim which speaks about the missing amount of Thorium reserves and the illegal hoarding and exportation of the same by private companies like VV Minerals Mr. Jaideep says that it isn’t possible because the same mineral is present abundantly in the country. The same mineral is also found in many parts of the world like Brazil thus making the mineral readily available and not rare.

VV Minerals India is one among the top most heavy mineral mining company’s in the world. They are India’s biggest mining manufacturers and exporters of garnet. The business was started by Mr. S Vaikundarajan, Chairman of VV Group of companies. However the same company was falsely accused that they were involved in illegal mining of monazite in the state.