Rio Tinto continues to be a bad boy on the corporate block. One of Rio Tinto’s largest shareholders 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.
Last month the $375 billion (£213 billion) Norwegian sovereign wealth fund said 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. Grasberg is operated by Freeport McMoRan, a New Orleans-based miner, and Rio is a 40% shareholder in the opencast pit.
Human Rights [rating:.5/5]
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