Metallurgical Corporation of China (MCC) has been excluded from the investment portfolio of Norway's largest asset manager because of activities at the Ramu NiCo mine in Papua-New Guinea, of which the East Asian company is the majority owner and operator.
Storebrand, which made the exclusion on environmental behaviour grounds, told Fastmarkets that the the nickel and cobalt mine has discharged tailings waste into waters off the coast of Papua-New Guinea since 2015, a practise which may significantly harm the marine environment.According to the World Bank, deep-sea tailings should not be used until their safety has been demonstrated by balanced and unbiased research,...