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.
Volcan Compañía Minera S.A.A. is a Peruvian mining company excluded by Norges Bank Investment Management (NBIM) for causing severe environmental damage. The company’s operations in the Cerro de Pasco and Yauli-La Oroya regions have been the subject of longstanding allegations of environmental crimes impacting resident health and local ecosystems. These areas are historically burdened by centuries of mining activity, with Volcan’s modern operations contributing to ongoing contamination of soil and water resources. The company’s own reporting references efforts to reduce environmental impact, indicating an acknowledgment of the operational footprint. NBIM’s conduct-based exclusion, maintained since at least 2013, cites severe environmental damage as the grounds for divestment.
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The Naughty List
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.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.