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    Home > Finance > Norway's Wealth Fund to engage Rio Tinto, South32 over environmental concerns
    Finance

    Norway's Wealth Fund to engage Rio Tinto, South32 over environmental concerns

    Published by Global Banking & Finance Review®

    Posted on May 11, 2025

    2 min read

    Last updated: January 23, 2026

    Norway's Wealth Fund to engage Rio Tinto, South32 over environmental concerns - Finance news and analysis from Global Banking & Finance Review
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    Quick Summary

    Norway's Wealth Fund plans to engage Rio Tinto and South32 over environmental concerns in the Amazon, aiming for sustainable practices.

    Norway's Wealth Fund Engages Rio Tinto, South32 on Environment

    (Reuters) -Norway's sovereign wealth fund, managed by Norges Bank Investment Management (NBIM), has decided to actively engage with mining companies Rio Tinto and South32 regarding their environmental practices, the fund operator said on Sunday.

    The executive board of the largest sovereign wealth fund in the world said it arrived at this decision following a recommendation to sell its stake in the companies from the Council on Ethics, an independent adviser appointed by the government of Norway.

    The fund owns an about 2.5% stake in Rio Tinto PLC, 0.13% stake in Rio Tinto Ltd and a 2.6% stake in South32, according to LSEG data.

    The council pointed to concerns over the companies' involvement in the Mineração Rio do Norte (MRN) joint venture, a significant bauxite mine in the Amazon rainforest.

    The executive board of the wealth fund said in a statement it decided to engage with the companies on their work to reduce serious environmental damage over a period of five to 10 years.

    The Mineração Rio do Norte is a joint venture between Glencore which owns a 45% stake, Rio Tinto with a 22% stake and South32, which owns a 33% stake.

    Seperately, the fund said it revoked the exclusion of German energy firm RWE AG, commending its shift towards renewable energy.

    Meanwhile, it said decided to sell its shares in Mexican oil company Petroleos Mexicanos and Israeli firm Paz Retail and Energy, citing ethical concerns.

    (Reporting by Adwitiya Srivastava in Bengaluru; Editing by David Gregorio)

    Key Takeaways

    • •Norway's Wealth Fund to engage Rio Tinto and South32.
    • •Concerns over environmental practices in the Amazon.
    • •Fund owns significant stakes in both companies.
    • •Engagement to focus on reducing environmental damage.
    • •Decision follows ethical recommendations from advisory council.

    Frequently Asked Questions about Norway's Wealth Fund to engage Rio Tinto, South32 over environmental concerns

    1What is the main topic?

    The main topic is Norway's Wealth Fund engaging with Rio Tinto and South32 over environmental concerns.

    2Why is Norway's Wealth Fund engaging these companies?

    The engagement is due to concerns over environmental practices in the Amazon, specifically related to the Mineração Rio do Norte joint venture.

    3What are the stakes of the Wealth Fund in these companies?

    The fund owns about 2.5% in Rio Tinto PLC, 0.13% in Rio Tinto Ltd, and 2.6% in South32.

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