Asset manager Storebrand excludes China's MCC over tailings practices

Metallurgical Corporation of China (MCC) has been excluded from the investment portfolio of Norway’s largest asset manager because of activities at the Ramu NiCo mine in Papua-New Guinea, of which the East Asian company is the majority owner and operator.

Storebrand, which made the exclusion on environmental behaviour grounds, told Fastmarkets that the the nickel and cobalt mine has discharged tailings waste into waters off the coast of Papua-New Guinea since 2015, a practise which may significantly harm the marine environment.
Ramu was briefly ordered by the island nation’s government to close in October 2019 during an environmental investigation into a mine spill in August that year of toxic waste that turned the waters of Basamuk Bay red.
Ramu NiCo has since then continued to operate as normal.

According to the World Bank, deep-sea tailings should not be used until their safety has been demonstrated by balanced and unbiased research,...

Published

Andrea Hotter

June 01, 2020

19:12 GMT

New York