Norway sovereign wealth fund excludes Eramet from portfolio on ethics grounds
OSLO, Sept 12 (Reuters) - Norway's sovereign wealth fund has excluded French mining group Eramet ERMT.PA from its portfolio, a spokesperson for Norges Bank Investment Management (NBIM) said on Friday.
The fund held a 0.44% stake in Eramet worth $6.8 million as of June 30, according to fund data.
The divestment was made at the recommendation of the fund's ethics watchdog, the Council on Ethics, due to the company's participation in Indonesia's PT Weda Bay Nickel Joint venture, where the company is the operator of the mine.
"The Council on Ethics recommends that Eramet SA be excluded... due to an unacceptable risk that the company is contributing to, or is itself responsible for, severe environmental damage and serious violation of the human rights of uncontacted indigenous people," the council said in a statement.
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