Norwegian govt pension fund excludes SAfrican gold miner DRD Gold |
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Published
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Wed, 11 Apr 2007 12:52
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OSLO (Thomson Financial) - Norway's massive government pension fund excluded South African gold miner DRD Gold from its investment universe, the government said.The Ministry of Finance said in a statement that DRD Gold had been excluded from the Norwegian Government Pension Fund - Global, after a recommendation of the ethics council for the fund.The offshore pension fund, set up by Norway to invest its oil revenues from the North Sea, has this year seen its value surge to a whopping 300 bln usd on surging oil prices.Occasionally, the fund bars investments in certain companies based on ethical investment considerations.The Ministry of Finance statement said that the fund ran an 'unacceptable risk' of contributing to severe environmental damages by continuing to invest in the company.'This is the second time that the Council on Ethics advises the Ministry of Finance to exclude a company whose activities entail an unacceptable risk of the Fund contributing to severe environmental damages under the Ethical Guidelines,' the statement said.'DRD Gold causes severe environmental damages as a direct consequence of their mining operation at Tolokuma on Papua New Guinea. We cannot hold shares in such a company,' announced Norwegian Minister of Finance Kristin Halvorsen.patrick.mcloughlin@thomson.compm/ambCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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