Norges Bank to work with Rio Tinto and South32 to reduce environmental damage in Amazon

From Yahoo Finance: 2025-05-12 07:32:00

Norges Bank Investment Management plans to engage with mining companies Rio Tinto and South32 to address environmental concerns raised by the Council on Ethics regarding the Mineração Rio do Norte joint venture in the Amazon rainforest. The fund owns stakes in these companies and aims to work with them over the next five to ten years to reduce environmental damage.

The Mineração Rio do Norte JV is owned by Glencore, Rio Tinto, and South32, with varying stakes. Norges Bank intends to actively engage with Rio Tinto Plc, Rio Tinto Ltd, and South32 Ltd to address serious environmental issues over the coming years.

Norges Bank’s executive board has decided to engage with the mining companies rather than exclude them immediately. The fund owns stakes in Rio Tinto and South32 and will work with them to improve their environmental practices over a five to ten-year period.

Rio Tinto recently extracted the first primary gallium from bauxite processed at its Vaudreuil alumina refinery in Quebec, Canada. Norges Bank’s decision to engage with Rio Tinto and South32 on environmental concerns highlights the growing importance of sustainable mining practices in the industry.



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