Norway's Wealth Fund Cuts Ties with Eramet Over Ethical Concerns

Norway's sovereign wealth fund has announced its decision to exclude French mining group Eramet from its investment portfolio. This move comes at the recommendation of the fund's ethics watchdog, the Council on Ethics, amid allegations of environmental degradation and human rights violations linked to Eramet's operations in Indonesia.

The fund previously held a 0.44% stake in Eramet, valued at $6.8 million as of June 30, according to available data. The exclusion of Eramet underscores the Norwegian fund's commitment to ethical investing, particularly in regard to severe environmental damage and the protection of uncontacted indigenous communities.

The Council on Ethics expressed concerns over Eramet's involvement in the PT Weda Bay Nickel Joint venture, where the company plays a leading role. In a statement, the council emphasized the unacceptable risks associated with Eramet's activities, which prompted the divestment decision.