Key Facts
• September 12, 2025: Norwegian Sovereign Wealth Fund excludes Eramet for ethical reasons.
• Fund managed by Norges Bank Investment Management (NBIM).
• As of June 30, 2025, fund held 0.44% of Eramet shares, valued at $6.8 million.
• Decision based on Ethics Council’s recommendation citing environmental and human rights risks.
• Eramet involved in PT Weda Bay Nickel joint venture in Indonesia.
• Ethics Council flagged risks of severe environmental damage and indigenous rights violations.
• Indonesian authorities seized hundreds of acres from PT Weda Bay Nickel for lacking forest permits.
• Indonesia intensifies crackdown on illegal resource development; over 1,000 mining projects identified.
Summary
The Norwegian Sovereign Wealth Fund, managed by Norges Bank Investment Management, has excluded French mining company Eramet from its portfolio due to ethical concerns. As of June 30, 2025, the fund held 0.44% of Eramet shares, valued at $6.8 million. The decision followed a recommendation from the Ethics Council, which cited unacceptable risks of severe environmental damage and human rights violations linked to Eramet’s involvement in the PT Weda Bay Nickel joint venture in Indonesia. Separately, Indonesian authorities seized land from PT Weda Bay Nickel for operating without forest permits, as part of a broader crackdown on illegal resource development. Over 1,000 mining projects have been identified in this effort.
