Mini case study ‘Hey, that’s my money! on harmful mining companies in Brazil, Peru and DRC

Thursday, February 22, 2018

Belgium - In early 2017, FairFin with 11.11.11 and Broederlijk Delen published a study on investments in twenty controversial mining companies within the framework of BankWijzer. Nine Belgian banks invested $ 32 billion in the form of loans and issues of shares and bonds in these companies. BNP Paribas, Deutsche Bank and ING Group, are the largest financiers. KBC also financed the companies. When these figures came out, both different banks and our finance minister promised to take action. New figures show that Deutsche Bank, BNP Paribas, ING and KBC Bank are still investing in controversial mining.

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Photo: Peru, Espinar © Thomas De Boever - Brotherly Share

BNP Paribas, Deutsche Bank, ING Bank and KBC Bank invested 448 million, 784 million, 399.5 million and 111 million euros respectively in the controversial mining companies Glencore, Vale and BHP Billiton, respectively.

Glencore, through its exploitation of the mine Espinar in Peru, puts the health of the population at risk and makes protests hard to suppress. In DRC, it negotiates with authorities to the detriment of the population.

Vale and BHP Billiton are involved in the largest ecological disaster in Brazilian history. 19 people were killed, poisonous mine waste drove 600 kilometers through the Rio Doce and the population is without livelihood. Research by the federal police revealed that Samarco, the responsible company (a joint venture of multinationals Vale and BHP Billiton) was aware of the risk of the dam and did not do enough to avoid the disaster.

While several banks have accounted for our recommendations, their policies still allow today to finance companies with such practices. Let your bank know you disagree with this!

 

Read the full report here

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