The decision is based on a recommendation from the Council on Ethics for the Government Pension Fund - Global, who has investigated the Porgera mine in Papua New Guinea, in which Barrick Gold has a 95 per cent stake.
Read the recommendation here
The Canadian mining company Barrick Gold is the largest producer of gold in the world, with 27 mines in operation, including in Tanzania.
As of 31 December 2007 the Government Pension Fund – Global held shares worth some NOK 1,274 million in the company.
'Pursuant to the Ethical Guidelines, the Government Pension Fund - Global should not invest in companies that cause severe environmental damages. In its assessment, the Council on Ethics concluded that Barrick Gold Corporation is causing severe environmental damages as a direct result of its operations. I have therefore decided to follow the Council on Ethics' recommendation on exclusion of Barrick Gold Corporation from the investment universe of the Fund', says Minister of Finance Kristin Halvorsen in a press release.
Read the entire press release from the Norwegian Ministry of Finance here.