The Norwegian sovereign wealth fund wants to seek dialog with the mining companies Rio Tinto and South32 due to environmental concerns.
The board of the world's largest sovereign wealth fund said it had come to this decision after the Ethics Council - an independent advisor appointed by the Norwegian government - recommended that it sell its shares in the companies. Instead, the board decided to take an active influence. It had decided to work with the companies to reduce serious environmental damage over a period of five to ten years.
According to LSEG data, the fund holds around 2.5 percent of Rio Tinto PLC $RIO (-0.29%)0.13 percent in Rio Tinto Ltd $RIO (-0.62%) and 2.6 percent in South32. In its recommendation, the Ethics Council had referred to environmental concerns in connection with the companies' involvement in the Mineração Rio do Norte (MRN) joint venture, a major bauxite mine in the Brazilian Amazon.