Extractive Industries
Conduct Screen Fossil Fuels
Non-fuel mining and extraction — companies that extract minerals, metals, aggregates, or other non-fuel natural resources. Includes gold, copper, lithium, rare earth, diamond, and sand mining. Distinct from coal (fuel mineral), fossil_fuels_upstream (oil/gas), and environmental_damage (which covers the conduct, not the product).
38 companies currently excluded under this screen
Excluded Companies (38 total)
Showing 25 of 38 companies excluded under this screen.
| Ticker | Company | Reason |
|---|---|---|
| HMY | Harmony Gold Mining Company Limited | Harmony Gold Mining Company Limited is a global gold mining and exploration company, and South Africa's largest gold producer by volume. The company operates underground, open-pit, and surface gold mines, and in the fiscal year ending June 2024, it produced approximately 1.5 million ounces of gold. Its primary business is the extraction of gold and copper, placing it squarely within the extractive industries category. The company’s operations have been linked to significant environmental and community impacts characteristic of large-scale mining. In one documented incident, its Kusasalethu mine received a “level 3” regulatory directive to stop discharging water pumped from underground workings, indicating a serious environmental compliance issue. Furthermore, Harmony Gold has publicly stated that illegal mining activities, which often flourish in the shadow of formal operations, cost the South African state and mining companies approximately R11 billion in lost taxes and R7 billion in lost revenue, highlighting the broader systemic harms associated with the sector. While the provided evidence does not detail specific recent misconduct, the company’s core activity—large-scale, energy- and water-intensive gold extraction—is the basis for exclusion under this product-based category. |
| EGO | Eldorado Gold Corp | Eldorado Gold Corporation is a mid-tier gold and base metals producer with mining, development, and exploration operations in Canada, Greece, and Türkiye. The company derives its revenue entirely from the extraction of non-fuel minerals, primarily gold. This core business activity falls under the extractive industries exclusion category. The company's operations have been linked to significant social and environmental controversies. In Greece, where Eldorado now owns all gold-mining projects, its activities have proceeded in the context of a severe debt crisis and have faced opposition from local communities and environmental defenders. In 2018, Greek state prosecutors charged 21 environmental defenders related to protests against Eldorado's projects. Independent research has also examined the company's tax avoidance structures and their human rights impact in the country. Furthermore, industry analysis positions Canadian mining firms, including Eldorado, among the worst human rights and environmental offenders in the global sector. The gold industry in which Eldorado operates is also associated with systemic risks, including minerals crime where gold is misdeclared as recycled or its origin falsified to obscure links to conflict or illegal mining. |
| MTX | Minerals Technologies Inc | Minerals Technologies Inc. is a global producer of industrial minerals, deriving its revenue from the extraction and processing of non-fuel natural resources. The company owns and operates mines in the United States to supply its core product lines, including bentonite and specialty precipitated calcium carbonate (PCC). Its business model is fundamentally based on extractive industries, sourcing raw minerals for use in a wide range of industrial and consumer applications. The global mining sector for industrial and critical minerals, which forms the foundation of MTI's business, is frequently linked to systemic governance risks. Independent analyses, including those from the Business and Human Rights Resource Centre, have documented hundreds of alleged human rights abuses tied to the extraction of minerals like copper, lithium, and cobalt. Furthermore, studies point to corruption as a prevalent crime prosecuted within mineral supply chains, presenting risks that can harm local communities and the environment where mining occurs. While the provided evidence does not detail specific, attributable incidents for MTI itself, the company's core operations place it within an industry category defined by these inherent and well-documented risks. |
| KGC | Kinross Gold Corp | Kinross Gold Corporation is a Canadian-based gold and silver mining company with operations spanning the United States, Brazil, Chile, Mauritania, and Canada. Its core business is the extraction of precious metals, a primary activity under the extractive industries exclusion. The company has a documented pattern of regulatory violations across its operations. In 2019, the U.S. Securities and Exchange Commission announced a settled action against Kinross for violations of the Foreign Corrupt Practices Act, resulting in a $950,000 penalty. Furthermore, a federal judge ruled in 2022 that the company’s subsidiary, Crown Resources, committed over 3,000 violations of the Clean Water Act at its Buckhorn Mountain gold mine in Washington state. ViolationTracker documents additional workplace safety penalties totaling over $416,000. A 2017 report by Above Ground and Justiça Global also investigated allegations of human rights abuses linked to Kinross Gold’s operations in Brazil. While the company promotes a strong sustainability performance and a multi-billion dollar benefit footprint, its record of environmental, anti-corruption, and human rights compliance failures demonstrates the material risks inherent in its extractive business model. |
| AG | First Majestic Silver Corp | First Majestic Silver Corp. is a primary silver producer operating three active mines in Mexico: the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, and the La Encantada Silver Mine. In 2023, the company produced 26.9 million silver equivalent ounces, deriving its core revenue from the extraction and sale of silver, gold, and other by-product metals. This business model categorically falls under the extractive industries exclusion, which applies to companies engaged in the mining of non-fuel minerals and metals. The company's operations present significant, inherent environmental and social risks common to hard-rock mining. Its own 2023 Sustainability Report identifies material topics including water stewardship, tailings management, biodiversity, community relations, and climate change. First Majestic manages large-scale tailings facilities, reports significant water withdrawals, and operates in regions with sensitive ecosystems and Indigenous communities. While the company publishes annual sustainability reports aligned with SASB and GRI standards, the act of extraction itself, and the permanent alteration of land, water, and communities it entails, forms the basis for exclusion under this product-based category. |
| TROX | Tronox Holdings PLC | Tronox Holdings plc is a vertically integrated producer of titanium dioxide pigment, a white pigment used in paints, plastics, and paper. Its core business model is based on the mining and processing of non-fuel minerals. The company operates mineral sands mines in Australia and South Africa to extract titanium-bearing ores (ilmenite and rutile) and zircon. These mining operations are material to its business; Tronox describes itself as one of the world's leading producers of high-quality titanium products, with mining assets directly feeding its downstream pigment manufacturing facilities. The company's Namakwa Sands operation in South Africa, held through its subsidiary Tronox Mineral Sands Pty Ltd, is a significant mining asset. Company filings describe the operation and note that granting of rights to mine can be pending environmental approvals, indicating an ongoing extractive footprint. While Tronox publishes sustainability reports addressing environmental stewardship and human rights, the fundamental exclusion is based on its position as a primary extractor of minerals, not on specific conduct. Its business is intrinsically tied to large-scale earth moving, water use, and land disturbance inherent to mining. |
| CDE | Coeur Mining Inc | Coeur Mining, Inc. is a U.S.-based precious metals mining company that derives its revenue from the extraction of gold and silver. It operates five wholly-owned mines in North America, including the Palmarejo gold-silver complex in Mexico, the Rochester silver-gold mine in Nevada, and the Kensington gold mine in Alaska. The company's core business is the extraction of non-fuel minerals, specifically precious metals. Recent legal actions highlight ongoing operational and governance challenges. In late 2025, the company faced shareholder lawsuits seeking to halt its strategic merger with New Gold Inc., alleging insufficient disclosures about the transaction. Separately, Coeur has been involved in an international investment dispute with Mexico concerning unpaid VAT refunds related to royalty agreements at its Mexican mining operations. The company's operations are inherently tied to extractive industry practices. Its business model involves large-scale earth-moving, mineral processing, and waste rock management, which carries a high inherent risk of environmental damage and community impact, as evidenced by its historical abandonment of mineral properties and ongoing legal disputes. |
| UEC | Uranium Energy Corp | Uranium Energy Corp is a U.S.-based uranium production and exploration company whose core business is the extraction of uranium, a mineral used as fuel for nuclear power generation. The company operates North America's newest uranium mine and controls the largest portfolio of uranium projects in the United States, with production expected to begin at its South Texas sites in early 2026. Its Sweetwater uranium project in Wyoming was the first mining proposal in the state to be fast-tracked under a 2017 executive order. Uranium mining is categorized as an extractive industry, distinct from fossil fuel extraction, as it involves the removal of a non-fuel mineral resource from the earth. The company's public sustainability materials emphasize community and Indigenous engagement alongside its role in powering sustainable energy futures. However, the extraction of uranium carries inherent environmental and social risks, including potential water contamination, habitat disruption, and impacts on local communities, which are common to large-scale mining operations. The company's expansion is part of a broader uranium boom in western states driven by national energy priorities. |
| NEM | Newmont Corporation | Newmont Corporation is the world’s largest gold mining company, deriving its primary revenue from the extraction and processing of gold and copper. This business model inherently involves large-scale environmental disturbance and land use associated with mining non-fuel minerals. The company’s global operations have been accompanied by repeated allegations of human rights abuses and significant regulatory penalties. In Peru, a U.S. lawsuit alleges that security forces for Minera Yanacocha, a joint venture where Newmont holds a majority stake, have harassed, assaulted, and threatened to evict Indigenous community members. A 2022 settlement with the U.S. Department of the Treasury resolved potential civil liability for four apparent violations of the Cuban Assets Control Regulations. Furthermore, ViolationTracker documents over 127 workplace safety violations with penalties exceeding $2 million, alongside environmental fines. A 2016 disclosure confirmed an internal investigation into compliance with the U.S. Foreign Corrupt Practices Act. As noted by a Yukon legislator in 2022, “Allegations of human rights abuses have followed this corporation wherever they go.” |
| HBM | Hudbay Minerals Inc | Hudbay Minerals Inc. is a copper-focused mining company that extracts base and precious metals, including copper, gold, silver, zinc, and molybdenum. In 2024, the company produced approximately 138,000 tonnes of copper concentrate from its operations in Peru, Manitoba, and Arizona. The company has been the subject of multiple, high-profile lawsuits alleging severe human rights abuses connected to its mining activities abroad. Hudbay faced litigation in Canadian courts from Indigenous Mayan Guatemalans related to its former Fenix nickel project. Plaintiffs accused the company’s security personnel of shootings, killings, and sexual assaults against community members. These cases, which alleged the company was negligent for abuses committed by its subsidiary’s security forces, were settled out of court in 2024. While the legal claims were settled, the allegations represent a serious pattern of alleged community harm linked to the company’s extractive operations. The litigation, documented in sources including the Business & Human Rights Resource Centre, underscores the human rights risks inherent in Hudbay’s international mining business model. |
| ALB | Albemarle Corporation | Albemarle Corporation is the world's largest lithium producer, extracting lithium brine from the Salar de Atacama in Chile and processing it at its La Negra chemical plant. The company also operates lithium extraction and processing facilities in the United States and Australia. Lithium mining is the company's primary growth segment, representing its core business activity as a producer of this critical mineral for electric vehicle batteries and energy storage. The extraction process, particularly in the arid Salar de Atacama, is associated with significant environmental concerns, including high freshwater consumption, potential contamination of fragile ecosystems, and threats to local biodiversity. Community groups have raised concerns regarding water depletion and the social impact of mining operations on nearby residents. While Albemarle has public commitments to environmental protection and community engagement, and in 2023 became the first lithium producer to complete an independent audit under the Initiative for Responsible Mining Assurance (IRMA), the fundamental business model remains large-scale extraction of non-fuel minerals. |
| BVN | Compania de Minas Buenaventura S.A.A. | Compania de Minas Buenaventura S.A.A. (NYSE: BVN) is Peru's largest publicly traded precious metals mining company, operating multiple polymetallic mines extracting gold, silver, zinc, and lead. The company is a co-owner of Yanacocha, Latin America's largest gold mine, alongside Newmont and Sumitomo. In June 2000, a contractor transporting mercury from Yanacocha spilled 151 kg of elemental mercury along 41 km of road near the town of Choropampa. According to government estimates, over 900 people were poisoned. More than 1,000 affected villagers filed lawsuits, with 36 legal cases still pending against Minera Yanacocha. The mercury spill triggered years of community protests over water contamination, ultimately leading to the abandonment of the Conga expansion project. Peru's environmental regulator (OEFA) has issued violation notices regarding water quality and hazardous waste at Buenaventura operations. The San Gabriel project was also suspended following community rejection. Mining is 100% of Buenaventura's business — this is a pure-play extractive company with documented environmental and community harm. |
| RGLD | Royal Gold Inc | Royal Gold Inc. is a precious metals streaming and royalty company whose business model is built on financing and profiting from the extraction of gold, silver, and other metals. The company acquires interests in mining projects by providing upfront payments to operators in exchange for the right to purchase a percentage of future metal production at a fixed, reduced cost. This model directly funds and derives revenue from the physical extraction of non-fuel minerals, with its portfolio spanning over 30 active operations across the Americas, Australia, and Africa. The company’s core revenue is generated from the production of mined precious metals. For example, its largest asset, a stream on the Pueblo Viejo mine, entitles it to purchase a portion of the gold and silver produced there. Royal Gold’s financial success is explicitly tied to the scale and longevity of mining operations at the properties in its portfolio. The company describes its principal activity as the acquisition and management of precious metal stream and royalty interests, providing investors with exposure to the underlying commodities. |
| SBSW | Sibanye Stillwater Ltd | Sibanye Stillwater Ltd is a multinational mining and metals processing group whose primary business is the extraction of platinum group metals (PGMs), gold, and other minerals. The company operates a diverse portfolio of mining assets across five continents, including major production facilities in Southern Africa. Its core revenue is derived from the extraction and processing of these non-fuel minerals, categorizing it as an extractive industry company. The company's operations are linked to significant environmental and social risks. A 2025 petition concerning Sibanye-Stillwater’s activities in Marikana cited ongoing concerns over human rights, environmental safety, and community impacts. Academic and industry analyses, including a 2026 study on sustainable mining in Latin America, reference the company in the context of mining conflicts and the environmental footprints associated with extraction. Further, a 2022 review of environmental and social risks in mining identifies Sibanye Stillwater Ltd. in relation to the extraction of platinum group metals, noting the associated human rights challenges. |
| WPM | Wheaton Precious Metals Corp | Wheaton Precious Metals Corp. is a precious metals streaming company whose business model is fundamentally tied to the extraction of non-fuel minerals. The company enters into long-term purchase agreements with mining operators, providing upfront capital in exchange for the right to buy a percentage of future production at a fixed, low cost. This revenue-sharing model directly finances and profits from the physical mining of gold, silver, and other precious metals. Wheaton holds over 20 such streaming agreements with 17 different mining partners globally, deriving its income from the sale of over 29 million ounces of precious metals. While the company does not operate mines directly, its financial success is contingent on the continued operation and expansion of extractive projects. Its streaming contracts cover mines across multiple jurisdictions, linking its revenue to the environmental footprint and social impacts inherent to large-scale mining operations. The company’s “Partner Community Investment Program” acknowledges its connection to the communities influenced by these mining activities. |
| MALRY | Mineral Resources | Mineral Resources (MinRes) is a diversified mining company whose core business is the extraction of non-fuel minerals, primarily lithium and iron ore, across Western Australia. The company’s operations are centered on the mining and processing of these resources for sale to global markets. This activity places the company squarely within the extractive industries category. The extractive sector is globally associated with significant environmental and social risks, including habitat destruction, water contamination, and community displacement. While the provided evidence references broad, sector-wide patterns of corruption, environmental harm, and human rights violations linked to mineral extraction, specific, documented incidents directly attributable to Mineral Resources' own operations are not detailed in the gathered materials. The exclusion is based on the company’s primary business activity—the commercial extraction of non-renewable mineral resources—which carries inherent and systemic risks that conflict with ethical investment principles focused on sustainability and community welfare. |
| LAC | Lithium Americas Corp | Lithium Americas Corp. is a Canadian mining corporation whose primary business is the extraction of lithium, a critical mineral used in electric vehicle batteries. The company’s flagship project is the Thacker Pass Lithium Mine in northern Nevada, which it is developing to supply battery-quality lithium carbonate for the North American critical minerals supply chain. This places the company’s core activity squarely within the extractive industries. The Thacker Pass project has been the subject of significant controversy regarding its impact on Indigenous rights and the environment. In February 2025, a report found that the U.S. government’s decision to permit the mine violated Indigenous people's rights. While the company asserts the project “has the potential to significantly advance America's electrification efforts,” this promise of “green mining” contrasts with documented social and environmental impacts associated with the extractive process. The project exemplifies the tensions between the demand for critical minerals and the harms caused by non-fuel mining operations. |
| GGB | Gerdau SA | Gerdau S.A. is a vertically integrated steel producer whose business includes the extraction of iron ore, a core mineral input for its steelmaking operations. The company operates the Várzea do Lopes iron ore mine in Brazil, which was audited in 2025 against the Initiative for Responsible Mining Assurance (IRMA) standard. This places the company's direct involvement in mineral extraction alongside its steel production. The company's mining activities have been linked to regulatory and governance concerns. In 2019, Gerdau MacSteel Inc. was cited for multiple violations of its permitted effluent limitations. Furthermore, the company has been subject to significant legal scrutiny; a 2016 class action lawsuit filed in the U.S. alleged Gerdau failed to disclose that it and its executives bribed tax authorities and defrauded Brazil's tax service. More recently, in early 2026, a Brazilian investigation into fraud in mining auctions indicated systemic breaches and the use of shell companies to manipulate auctions of mineral areas, with press reports noting Gerdau's involvement. |
| FNV | Franco-Nevada Corp | Franco-Nevada Corporation is a gold-focused royalty and streaming company. It provides upfront financing to mining operators in exchange for a percentage of future production or revenue from specific mines. Its portfolio includes royalties and streams on mines producing gold, silver, platinum group metals, and other minerals across the Americas, Australia, and Africa. Franco-Nevada holds a royalty on the Cobre Panama copper-gold mine, a project at the center of protracted legal disputes, environmental protests, and a Supreme Court ruling in Panama that led to the suspension of commercial operations. The company was involved in an investment treaty arbitration claim against the Republic of Panama concerning this asset. Franco-Nevada's recently announced A$220 million financing package with Minerals 260 for the Koolyanobbing iron ore project in Western Australia demonstrates continued investment in new extraction. The company has no announced plan to transition away from its royalty-and-streaming model, which ties its revenue entirely to active mineral extraction. |
| CMP | Compass Minerals International Inc | Compass Minerals International is a major extractive company whose primary business is the mining of salt, sulfate of potash specialty fertilizers, and magnesium chloride. Its operations include large-scale underground and solution mining facilities in North America and the United Kingdom. The company derives the vast majority of its revenue from these non-fuel mineral extraction activities. The company has a documented pattern of regulatory failures. In September 2022, the Securities and Exchange Commission announced settled charges against Compass Minerals for misleading investors. The SEC found that from 2017 to 2018, the company made repeated misrepresentations about its plans to reduce costs and about production levels at its key Ogden, Utah facility. The Commission’s order (Administrative Proceeding File No. 3-21149) stated these misstatements violated antifraud, reporting, and internal accounting controls provisions of federal securities laws. Compass Minerals agreed to pay a $12.5 million penalty without admitting or denying the findings. |
| SA | Seabridge Gold Inc | Seabridge Gold Inc. is a mineral exploration and development company whose primary asset is the Kerr-Sulphurets-Mitchell (KSM) project in British Columbia, a proposed copper-gold mine. The project has been the subject of sustained, multi-year opposition from Indigenous communities and environmental groups. A 2020 petition to the Inter-American Commission on Human Rights alleged the mine threatens the rights of Indigenous peoples in Southeast Alaska, citing potential transboundary pollution. Separately, a request for review was submitted to Canada’s National Contact Point charging violations of OECD Guidelines during the project's development. In December 2024, Alaskan tribes and conservation groups filed a lawsuit against British Columbia, seeking to force a restart of the regulatory process for the KSM project, which is owned by Seabridge. The company's corporate focus is providing shareholders with leverage to gold prices, centered on advancing this contested large-scale extraction project. |
| TECK | Teck Resources Ltd | Teck Resources Ltd is a diversified mining company whose primary business is the extraction of metals and minerals, including copper, zinc, and steelmaking coal. In 2023, copper accounted for approximately 39% of its revenue, zinc for 25%, and steelmaking coal for 32%. The company's operations have been subject to significant environmental enforcement actions. In March 2024, Chile's Superintendence of the Environment (SMA) filed charges against Teck's subsidiary Compañía Minera Carmen de Andacollo for multiple alleged environmental breaches at its copper mine. The SMA's investigation identified eight violations, including exceeding authorized limits for particulate matter emissions and failures in its dust control and monitoring systems. The regulator has proposed sanctions that could include fines, permit revocation, or even a temporary or permanent closure of the operation. This follows a 2022 incident where the same mine reported a spill of process water into a local ravine. |
| HL | Hecla Mining Co | Hecla Mining Company is a primary silver producer and a leading U.S. producer of critical minerals, deriving its revenue from the extraction of precious and base metals. The company operates mines in Alaska, Idaho, and Mexico, with its Greens Creek and Lucky Friday mines producing silver, zinc, and other metals. The company has a documented history of regulatory violations and environmental liabilities linked to its extractive operations. In 2015, the Mine Safety and Health Administration (MSHA) proposed penalties against Hecla Limited for flagrant violations. Furthermore, Hecla Mining Company has been held liable by a federal court for costs related to the Bunker Hill Superfund Site, a legacy mining contamination area, under a consent decree with the United States. The company's own regulatory filings acknowledge that past or ongoing violations could jeopardize its existing operating permits. |
| CCJ | Cameco Corp | Cameco Corporation is the world's largest publicly traded uranium company, deriving its revenue from the mining and sale of uranium fuel for nuclear power generation. Its primary operations include uranium mines in Saskatchewan, Canada, and in-situ recovery facilities in Wyoming and Nebraska, United States. The company has accumulated $1.145 million in penalties across seven environmental violation records, according to ViolationTracker. This includes specific incidents such as a 2020 determination by the Nuclear Regulatory Commission for violations at its Smith Ranch operation in Wyoming, which involved failures to properly post radiation areas and control access to them. Further reporting links Canadian mining companies, including Cameco, to broader patterns of human rights abuses and environmental damage associated with global extractive industry expansion. |
| MP | MP Materials Corp | MP Materials Corp owns and operates the Mountain Pass mine in California, the only active rare earth mining and processing site in the United States. The company extracts and refines rare earth oxides and metals, which are critical materials for permanent magnets used in electric vehicles, wind turbines, and defense systems. Its business is fundamentally that of a non-fuel mineral extractor. The company has faced securities litigation alleging misleading statements and omissions related to its business combination and operations. A class action complaint filed in February 2022 alleges violations of federal securities laws, though the specific outcomes or settlements from this litigation are not detailed in the provided evidence. This pattern of regulatory and legal challenges is a noted risk factor for investors. |
+ 13 more companies excluded under this screen
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