Norway’s Wealth Fund Divests from Eramet Over Ethical Concerns

Norway's sovereign wealth fund has decided to divest from French mining group Eramet, according to a spokesperson from Norges Bank Investment Management (NBIM). The decision stems from ethical concerns surrounding Eramet's involvement in a joint venture mine in Indonesia.

The council expressed fears that Eramet's Indonesian operations contribute to severe environmental harm and human rights abuses, particularly involving uncontacted indigenous communities. This prompted the recommendation to exclude the firm from the fund's portfolio.

In a related move, Indonesian authorities have seized extensive plots controlled by PT Weda Bay Nickel, due to lack of necessary forestry permits. This action aligns with the government's broader crackdown on illegal mining activities across the country.

(With inputs from agencies.)