Norway’s Government Pension Fund has dumped its shares in Australian mining company PanAust, the company planning to build the controversial Frieda open pit copper mine.
The Fund is advised by a formal Ethics Committee and is sensitive to both environmental and human rights concerns. The Fund has recently divested from 11 international companies because of their involvement in rainforest destruction
In 2011 the Fund owned PanAust share worth US$38 million, by 2014 that holding had been reduced to just $3 million and the Fund’s 2015 report reveals it has dumped the miner completely from its portfolio.
PanAust acquired its interest in the controversial proposed Frieda river mine from Xstrata in 2013. The mine site sits in the headwaters of the Sepik River, which winds its way through 1,000 kilometres of jungle valleys and wetlands. The Sepik River, one of the largest pristine river systems in the Asia-Pacific region, is home to hundreds of thousands of people who rely on the river.