Norway sovereign wealth fund drops French miner over environmental fears
Norway’s Egemen Servet Fund said on Friday, excluding the French mining company ERAMET, the company’s portfolio and the company’s risk of contributing to human rights violations and environmental damage in a nickel mine in Indonesia, he said.
The fund, which is managed by the country’s central bank Norges Bank and fed with wide energy revenues, is the largest in the world and the world’s largest in the world with investment in more than 8,600 companies around the world.
“Norges Bank’s Executive Board decided to exclude ERAMET SA because of an unacceptable risk that the company has contributed to serious environmental damage and major violations of human rights.” He said.
According to the fund data, as of June 30, the fund had a shares of 0.44 percent in Eramet.
The decision was made after a advice of the fund after a recommendation from the Ethics Council, “the company contributed to limited environmental damages or is responsible for itself, or that it is responsible for human rights” seriously violated human rights “.
In particular, the Council “ERAMET’in Halmahera, Nickel on the island of Indonesia, PT Weda Bay Nikel’s participation in a joint venture,” he said.
The Council said it would cause mining rainforests to forest and “the loss of critical habitats for endeumic species”.
ERAMET, the fund’s decision “deeply regret,” he said.
“As a minority shareholder (Weda Bay Nickel), ERET is trying to encourage the best practices in mining, environmental management and social responsibilities in accordance with the values of the group and their commitment to responsible mining.” He said.
Indonesian officials said that on Friday AFP seized approximately 150 hectares of the nickel mine concession entering the unlicensed forest areas (370 acres).
Earlier this year, an AFP investigation showed its impact on members of Honggana Manyawa Native Tribe, one of the country’s latest isolated hunter-gatherer communities.
Some of the unlimited community says that the forest they have trusted for food and shelter for a long time has been destroyed by mineral disintegration and environmental deterioration.
Weda Bay Nickel rejected the allegations and said that “responsible mining and protecting the environment” was determined.
