The Council on Ethics recommends that Eramet SA be excluded from investment by the Norwegian Government Pension Fund Global (GPFG) due to an unacceptable risk that the company is contributing to, or is itself responsible for, severe environmental damage and serious violation of the human rights of uncontacted indigenous people. The Council’s recommendation is based on Eramet’s participation in the PT Weda Bay Nickel Joint venture, which is extracting nickel on the island of Halmahera, Indonesia. Eramet is the operator of the mine.
The mine is located in an area of exceptionally rich biodiversity. Nickel extraction will result in the deforestation of large areas of intact rainforest and the loss of critical habitats for endangered and endemic species. The deforestation also threatens the survival of indigenous peoples in voluntary isolation, whose territories lie both inside and outside WBN’s concession area. The Council emphasises that the rainforest on Halmahera is important for global biodiversity, and that the uncontacted indigenous groups belong to some of the most vulnerable peoples in the world, with no alternative territories.
The Council considers that the measures Eramet and WBN have implemented to mitigate the impacts of losing large areas of intact rainforest due to mining activities are insufficient to prevent severe environmental damage and serious violations of human rights.
The Council on Ethics submitted its recommendation 18 March 2025.
Norges Bank announced its decision to exclude the company on 11 September 2025.