World’s largest sovereign wealth fund dumps PanAust shares

The Frieda river is now in the hands of the Chinese

The mighty Sepik river is under threat from mining

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.

Prominent Papua New Guineans are concerned about the proposed mine’s environmental and social impacts and claim PanAust is dumbing down the mine plan and safety standards to save money.

panaust

The Norwegian Fund has been dumping PanAust shares since 2012

4 Comments

Filed under Environmental impact, Human rights, Mine construction, Papua New Guinea

4 responses to “World’s largest sovereign wealth fund dumps PanAust shares

  1. John Sells

    ~~there is a cancerous growth strangling the life-blood of PNG via the corruption from within all levels of administration….until it’s removed the nation will be impoverished…

  2. Linus Kaidoga

    Hurray! Thanks to the Norwegian Wealth Fund for doing the right thing!

  3. Moses Wininga

    Other plans still can be resolved by the Current Government in considering the Development of Frieda and not to listen to the current company’s plans only.It is important to minimise health hazard and environmental pollution and ecosystem destruction.

    Let’s not repeat another Tabubil and Tolukuma’s Outcry in our own land for this short term gains.

  4. Chris Siroro

    Where will the money from this Frieda mine go to …? Surely it will build skyscrapers in Port Moresby for the minority and those greedy hungry power individuals.

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