Norwegian wealth fund sells stake in Rio Tinto

September 14, 2008

The opencast Grasberg mine in West Papua, Indonesia, has been called one of

the worst eyesores in the world

From The Times
September 10, 2008

David Robertson, Business Correspondent

One of Rio Tinto’s largest shareholders has sold its £500 million stake in the company over concerns about the Grasberg goldmine, which has been called one of the world’s worst eyesores.

The $375 billion (£213 billion) Norwegian sovereign wealth fund said on Tuesday that it had sold its shares after failing to persuade Rio to improve operations at the West Papua mine.

The Norwegian Finance Minister publicly shamed Rio in a statement that accused the company of “severe environmental damage”.

The Grasberg operation in West Papua, Indonesia, is the world’s largest goldmine and the third-largest copper mine, but it is notorious among human rights and environmental campaigners. Read the rest of this entry »