New Zealand’s $22-billion Superannuation Fund has pulled nearly $2 million worth of investment out of Barrick Gold, the world’s biggest gold miner citing its human rights and environmental record. The Canada-based mining giant, which has a market capitalisation of C$21b (NZ$25b), didn’t meet the human rights and environmental standards of the UN Global Compact, said Anne-Maree O’Connor, the fund’s manager for responsible investment. “Barrick’s mines in Papua New Guinea and Tanzania have experienced a series of security-related, environmental and community problems over a lengthy time period,” she said.
Barrick is a Canadian company in which there is major British investment (see Its UK subsidiary, African Barrick Gold, is listed in London.