The Norwegian wealth fund excluded French miner Eramet due to environmental and human rights risks linked to nickel mining in Indonesia.
Norway’s sovereign wealth fund, the world’s largest, has excluded French mining company Eramet from its investment portfolio due to environmental and human rights concerns linked to a nickel project in Indonesia.
Norges Bank Investment Management, which manages the Government Pension Fund Global, announced on Friday 12 September 2025 that the exclusion was based on recommendations from the fund’s Council on Ethics. According to the council, there is an “unacceptable risk” that Eramet contributes to serious environmental damage and gross violations of human rights.
The decision is linked to Eramet’s participation in PT Weda Bay Nickel, a joint venture operating on the island of Halmahera in Indonesia’s North Maluku province. The mine is one of Indonesia’s largest nickel producers, supplying global demand for battery production and the green transition.
The council warned that the mining activities are causing deforestation of rainforest areas and the loss of habitats for endangered and endemic species. It also highlighted threats to the survival of Hongana Manyawa, one of Indonesia’s last isolated hunter-gatherer communities. Parts of the community remain uncontacted and rely entirely on the forest for food and shelter.
Earlier this year, Indonesian authorities seized nearly 150 hectares of the mine’s concession for encroaching into forest land without a licence. An AFP investigation documented the mine’s effects on the Hongana Manyawa people, who say their forest is being destroyed by logging and environmental degradation linked to the project.
Eramet expressed regret over the exclusion, emphasising that it is only a minority shareholder in Weda Bay Nickel:
“Eramet strives to promote best practices in mining, environmental stewardship, and social responsibility with its partners,” the company said in a statement.
Weda Bay Nickel has denied allegations of harm and insists it is committed to responsible mining and environmental protection.
The exclusion was welcomed by rights group Survival International, which urged other investors to divest. “The company is now as toxic as its mining, and we’re calling on all its other shareholders to divest too unless and until there is a no-go zone for the uncontacted Hongana Manyawa people,” said the organisation’s director, Caroline Pearce.
As of June 30, the Norwegian wealth fund held a 0.44 percent stake in Eramet, worth around USD 6.8 million. With a total value close to USD 2 trillion and investments in more than 8,600 companies worldwide, the fund is considered one of the most influential ethical investors globally.
Source: CBS19News