Big banks respond to NGO call to end mine waste dumping at sea and into rivers
An campaign by Earthworks aimed at ending mine waste dumping in riverine and marine bodies of water is attracting the support of banking institutions.
Citigroup earlier announced that it would limit financing for mines dumping tailings waste at sea. Standard Charter has also adopted a policy of prohibiting financial services for clients that practice mine waste dumping into bodies of water.
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"Banking Giant Standard Chartered Takes Stand Against Mine Waste Dumping", 10 July 2018
Standard Chartered has announced a full prohibition of financial services for clients practicing marine and riverine mine waste dumping. Standard Chartered adopted their policy shortly after the launch of the Ditch Ocean Dumping campaign, joining Citigroup....
“We have long held the view that marine or riverine tailings disposal is not good industry practice, and we are proud to add it to our prohibited activities list,” said Amit Puri, Managing Director and Global Head of Environmental and Social Risk Management at Standard Chartered.
“We applaud Standard Chartered for taking a leadership role in ending ocean mine waste dumping. It’s dirty, unnecessary and wrong,” said Ellen Moore of Earthworks, a nonprofit organization which is coordinating the campaign. “Banks and financial institutions must actively take steps to ensure that they are not bankrolling the destruction of our oceans. I hope other banks follow the example set by Standard Chartered and Citigroup.”
...Citi and Standard Chartered are joining a growing movement of governments, companies, mine-impacted communities, and civil society organizations calling for an end to the practice...
- Related stories: Big banks respond to NGO call to end mine waste dumping at sea and into rivers
- Related companies: Citigroup Standard Chartered
Author: Jim Tan, Mongabay
"Citigroup limits financing for mines that dump tailings at sea", 12 June 2019
...Citigroup, a major shareholder in four mining companies that either actively dispose of mine waste into the ocean or propose to do so, agreed not to finance any new operations that pipe mine waste into the sea.
Citigroup’s move comes after pressure from an international coalition of NGOs that launched a campaign...to end the disposal of mine waste in natural water bodies.
...Citigroup revised its Environmental and Social Policy Framework to state: “Citi will not directly finance new mining projects…that utilize submarine waste disposal.”
...When mine tailings cause environmental damage, it is often local communities and indigenous groups that pay the highest price.
In PNG, tailings from the Tolukuma gold mine resulted in elevated levels of arsenic, lead and mercury in the drinking water and flooded croplands for communities downstream...anecdotal reports from local communities of increased illness and deaths after drinking and bathing in the river where the mine disposed of its tailings.
In both PNG and Norway, local community groups have been vocal in their opposition to the disposal of tailings at sea...
[also refers to Nordic Mining, Nussir]