Jesuits in Britain consider divesting from Rio Tinto over environmental concerns
The Jesuits in Britain, a Catholic religious order, may sell its stake in Rio Tinto following unsuccessful engagement with the mining giant over environmental concerns in Madagascar and Guinea, its head of ethical investments said on Wednesday.
"We've engaged with Rio the last three, possibly four years coming to AGMs," said Stephen Power SJ, who oversees ethical investments for the order, at Rio Tinto's annual general meeting.
Power added that Rio Tinto's handling of water contamination issues at its Madagascar operations were particularly troubling, with key water reports arriving late, lacking the required detail, or not materialising at all.
Environmental groups have for years said that water downstream of Rio Tinto's southern Madagascar mine contains high concentrations of uranium and lead, potentially endangering local residents who depend on nearby sources for drinking water.
Lead exposure can impede children's mental and physical development, while uranium poses kidney damage risks.
Rio Tinto chair Dominic Barton said the company has "focused a lot of time" on water quality and flows. He noted external assessments show "regulated metals consistently below laboratory limits of detection."
The Jesuits' concerns extend beyond Madagascar to include Rio Tinto's Simandou project in Guinea and the company's Scope 3 emissions - indirect greenhouse-gas emissions from its value chain.
The potential divestment reflects growing pressure on mining companies from faith-based investors demanding greater environmental accountability and community protection.
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