Norwegian Sovereign Fund Drops Eramet Over Ethical Concerns
Norway's sovereign wealth fund has excluded French mining group Eramet due to ethical concerns over environmental damage and human rights violations linked to its operations in Indonesia. The divestment comes amidst Indonesia's crackdown on illegal mining, with over 1,000 operations identified.
In a significant ethical move, Norway's sovereign wealth fund has decided to remove the French mining entity Eramet from its investments. The decision, confirmed by Norges Bank Investment Management (NBIM) on Friday, was driven by allegations of severe environmental and human rights infractions linked to Eramet's activities in Indonesia.
With a 0.44% stake valued at $6.8 million, the fund is acting on the advisement of its ethical watchdog Council on Ethics. The council suggested the exclusion due to Eramet's association with the PT Weda Bay Nickel operation, which allegedly causes substantial ecological harm and violates indigenous rights.
Despite Eramet's claims of transparency and environmental responsibility, Indonesia's clampdown on illegal resource exploitation continues, with President Prabowo Subianto identifying over 1,000 unlawful mining ventures.
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