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Norges Bank will collaborate with Rio Tinto and South32 on environmental impact.
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Release time：2025-05-13
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This decision is due to these companies' partnerships with Mineração Rio do Norte, which operates a bauxite mine in the Amazon rainforest.
The Norwegian bank's investment management company has decided to collaborate with mining companies Rio Tinto and South32 to work together to mitigate severe environmental damage. This decision was made based on the recommendation of the ethics committee, which recommended excluding these companies due to their involvement in the Mineração Rio do Norte joint venture (JV), which operates bauxite mines in the Amazon rainforest. The Mineração Rio do Norte JV is owned by Glencore (45%), Rio Tinto (22%), and South32 (33%). In a statement, the Norwegian bank said: "The Executive Board has decided to instruct Norges Bank Investment Management to engage with Rio Tinto plc, Rio Tinto Limited and South32 Limited through active ownership to reduce severe environmental damage within five to ten years."
According to Reuters, the fund holds approximately 2.5% of Rio Tinto's shares, 0.13% of Rio Tinto Limited's shares, and 2.6% of South32's shares. In an email to Reuters, a company spokesperson said: "South32 notes the Norwegian decision to engage with South32 regarding the ethics committee's recommendations." The spokesperson added that South32 will continue to engage with Norway on this matter. The Norges Bank Executive Board has not independently verified all aspects of these recommendations, but is confident that the exclusion criteria have been met. Before opting for exclusion, Norges Bank considers whether other measures, such as exercising ownership, would be more appropriate. However, in these instances, the Executive Board has determined that other measures are not suitable.
Earlier this month, Rio Tinto partnered with Inomet to extract the first batch of primary gallium from bauxite processed at the Vaudreuil Alumina Refinery in Quebec, Canada.
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