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Norway's "oil fund" excludes investment in DRDGold due to environmental impacts in Papua New Guinea, Fiji

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Article
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Author: AFP

L'opulente Norvège va durcir les lignes éthiques régissant les placements de son fonds de pension public... [Le] fonds ne peut être placé dans les fabricants d'armes "particulièrement inhumaines"...et dans les groupes coupables de violer les droits de l'Homme, de corruption ou de dégradation de l'environnement à grande échelle. De Boeing à EADS, de Thales à Wal-Mart, à ce jour, 22 entreprises en ont fait les frais, la dernière en date étant le groupe minier sud-africain DRD Gold dont l'exclusion a été annoncée mercredi pour des motifs environnementaux.

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Article
10 April 2007

Mining company excluded from the investment universe of the Norwegian Government Pension Fund - Global

Author: Norwegian Ministry of Finance

The Ministry of Finance has excluded the South-African company DRD Gold Limited from the investment universe of the Norwegian Government Pension Fund – Global, based on a recommendation from the Council on Ethics for the Fund. According to the Council on Ethics the Fund runs an unacceptable risk of contributing to severe environmental damages by continuing to invest in the company.

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Article
25 August 2006

[PDF] Recommendation of 24 August 2006

Author: Council on Ethics for the Government Pension Fund [Norway]

DRD Gold has been accused of causing severe environmental damage and of contributing to serious health damage in connection with its mining operations in Papua New Guinea and Fiji...In accordance with the Guidelines, point 4.5, the Council has contacted the company through Norges Bank, requesting comments on the aforementioned accusations and their foundation. The company has chosen not to respond to Norges Bank’s inquiry...The Council has reached the conclusion that the Ethical Guidelines...provide a basis for recommending the exclusion of DRD Gold Limited owing to an unacceptable risk of contributing to severe environmental damage.

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