The Council on Ethics recommends the exclusion of Rio Tinto PLC and Rio Tinto Ltd (Rio Tinto Group) from investment by the Norwegian Government Pension Fund Global (GPFG) due to an unacceptable risk that the company contributes to severe environmental damage.
The Council’s recommendation is based on Rio Tinto’s participation in the joint venture Mineração Rio do Norte (MRN), which operates a bauxite mine in the Amazon rainforest.
MRN operates a bauxite mine in the Saracá-Taquera National Forest in the Brazilian Amazon and is planning to expand the mine with effect from 2026. The expansion of the mine will cover around 100 km2. Approximately 64 km2 will be completely deforested during the project’s lifespan.
The deforestation will contribute to loss and fragmentation of extensive areas of intact tropical rainforest in one of the most important areas for biodiversity globally. The Amazon rainforest is the world’s largest tropical rainforest, housing more than a tenth of global biodiversity. It is likely that a considerable part of the species living there are yet to be discovered and scientifically described.
The Council on Ethics believes that rehabilitation of deforested areas is unlikely to mitigate the environmental damage resulting from the removal of intact rainforest. The Council concludes that the Fund’s investments in companies that contribute to deforestation and degradation of intact rainforest located in part of an ecosystem of crucial importance to the conservation of a significant share of the world’s biodiversity, must be considered to contravene the ethical guidelines.
The Council on Ethics submitted its recommendation November 5, 2024.
On May 11, 2025, Norges Bank announced its decision to follow up on the companies through active ownership.