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, Anne-Maree O’Connor, responsible investment manager with the fund said.
These activities are inconsistent with the human rights and environmental standards contained in the UN Global Compact, the key benchmark against which the NZ Fund measures corporate behaviour, O’Connor said.
Barrick has taken steps to improve its policies and practices, but there was no practical remedy for the environmental impact of riverine tailings (the practice of disposing mining waste into rivers) and progress on resolving community grievances and security issues has been slow, she said.
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