15 May 2013

NZ Super Fund dumps Barrick investment

3:29 pm on 15 May 2013

The New Zealand Superannuation Fund has dumped its investment in Barrick Gold Corporation, which has mines in Papua New Guinea.

The Fund, which had just over one and a half million US dollars invested in Barrick, has cited environmental and human rights concerns.

The Canadian mining giant has most recently faced staunch criticism after some of its security personnel gang-raped women living near its Porgera mine.

The Fund's manager of responsible investment, Anne-Maree O'Connor, says it viewed Barrick's activities as inconsistent with the human rights and environmental standards contained in the UN Global Compact, against which the Fund measures corporate behaviour.

She says Barrick has made steps to improve policies and practices, but there was no practical remedy for the environmental impact of tailings deposited in rivers and the Fund's view was progress on resolving community grievances and security issues had been slow.