ERAMET S.A.
ERMAF
2
exclusion reasons
2 themes
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.
Eramet S.A. has been excluded from the Norwegian Government Pension Fund Global due to an unacceptable risk that the company contributes to or is responsible for serious human rights violations. The Norges Bank Executive Board's decision, announced in September 2025, specifically cites these ethical grounds. While the fund's detailed assessment is not public, this exclusion aligns with its policy for companies implicated in severe abuses such as extrajudicial killings, torture, or systematic deprivation of fundamental rights. Eramet operates major mining projects in high-risk jurisdictions, including a nickel and cobalt complex in Weda Bay, Indonesia, where allegations of environmental damage and community conflicts have been reported. The company's own human rights documentation notes that a significant portion of grievances raised between 2020 and 2023 concerned human rights violations. This exclusion by a major sovereign wealth fund reflects a material determination of unmitigated risk in Eramet's operations.
Eramet SA is a French mining and metals group whose operations have resulted in severe environmental destruction. The company’s Weda Bay nickel mining project in Indonesia, operated through its majority-owned subsidiary PT Weda Bay Nickel, involves the deforestation of large areas of intact rainforest on Halmahera Island. This activity destroys critical habitats for endangered and endemic species. The Council on Ethics for Norway’s Government Pension Fund Global concluded this project presents an “unacceptable risk” of severe environmental damage, leading to the fund’s divestment in September 2025.
Beyond deforestation, the company’s global extractive operations are linked to broader environmental harm. Eramet has been cited in reports such as “Dirty Profits” for its handling of environmental violations. The specific risks at Weda Bay, which is one of the world’s largest nickel mines, exemplify the high-impact ecological damage associated with the company’s core business model in the transition minerals sector.
Research Sources
1 organization
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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.
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