This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Zijin Mining Group has a documented pattern of major environmental pollution incidents across its global mining operations. In 2010, a toxic wastewater leak from its Zijinshan Gold & Copper Mine in Fujian, China, polluted a local river. The company was fined RMB 30 million by Chinese authorities, and five responsible executives received criminal sentences for environmental pollution violations. The Norwegian Government Pension Fund Global’s Council on Ethics recommended the company’s exclusion, citing this incident as a severe breach of environmental standards.
The company has inherited and contributed to significant legacy pollution at acquired sites. At the Bor Copper Complex in Serbia, which Zijin took over in 2018, operations are linked to ongoing air pollution and biodiversity damage from over a century of mining activity. In the Democratic Republic of Congo, authorities suspended activities at a Zijin-associated mine following a toxic spill. The company’s environmental record shows repeated instances of operational negligence leading to contamination, spanning multiple jurisdictions and decades.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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