Trillium / Calvert Statement on Anglo American's Withdrawal from Pebble Mine Project
September 18, 2013 // BOSTON, MA: Anglo American plc (LON: AAL) has announced that it is withdrawing from the proposed Pebble Mine Project in Bristol Bay, Alaska. This action, which casts a cloud of deep uncertainty over the project’s future, follows years of widespread opposition to the proposed open pit mine from Native Alaskans, sport and commercial fishing groups, environmental organizations, and retail grocers, along with other businesses and investors.
Anglo American’s withdrawal is a defining moment in this long running controversy which highlights the unique natural resource that is Bristol Bay. It is the home of the largest wild sockeye salmon fishery in the world, which is sustainably managed and central to the life of the Alaska Natives in the region.
Groups of investors, representing tens of billions of dollars, have expressed deep concern about the proposed mine. In letters to the Environmental Protection Agency in 2011, 2012 and 2013 investors shared their concerns about the Bristol Bay ecosystem, responsible mineral development, sustainable fishery management, Alaska Native culture, and the associated risks.
Trillium, Calvert and other concerned investors believe that this controversy serves as an important example of how environmental, social, government policy and financial risk factors must be addressed in an integrated manner.
We believe Anglo American reached a similar conclusion after its review of the risk/return profile of all projects currently in its pipeline, which led to its decision to withdraw from the project.
Because it is currently unclear whether remaining — or other — mining interests will pursue this large scale mine in any significant way, and because Bristol Bay is a vitally important natural resource, we wish to take this opportunity to, once again, urge the EPA to move forward with its science based review, the 404(c) process, and provide the Bristol Bay region with the protections it needs from large scale mining.
We will be working with fellow investors in the next few weeks to communicate our ongoing concerns to the EPA and other interested parties.
ABOUT TRILLIUM AND CALVERT
Trillium Asset Management LLC is the oldest investment advisor devoted exclusively to sustainable and responsible investing (SRI). With over $1.2 billion in assets under management, Trillium integrates Environmental, Social, and Governance (ESG) factors into the investment process as a way to identify the companies best positioned to deliver strong long-term performance.
Calvert Investments is an investment management company that offers mutual funds and separate accounts to institutional investors, retirement plans, financial intermediaries, and their clients. By combining rigorous analysis with independent thinking, our disciplined approach to money management goes beyond traditional factors in order to manage risk and to identify investment opportunities with greater long-term potential. We offer more than 40 equity, bond, cash, and asset allocation investment strategies, many of which feature integrated corporate sustainability and responsibility research.
Jonas Kron, Trillium Asset Management, (503) 592-0864, firstname.lastname@example.org
Stu Dalheim, Calvert Investments, (301) 961-4762, Stu.Dalheim@Calvert.com