Investor Statement on EPA’s Review of Proposed Pebble Mine
March 7, 2014: Investors, concerned with the devastating impact a large scale mining operation would have on the Bristol Bay region of Alaska, welcomed the U.S. Environmental Protection Agency’s recent announcement that it will initiate a Clean Water Act 404(c) review process for the proposed project.
Bristol Bay 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. Protecting this national resource is important for the economy, sound resource development and the finances of companies that sell salmon.
We believe that an inclusive and scientifically based Section 404(c) process, in keeping with the Bristol Bay Assessment process we have seen thus far, can be consistent with the concerns we have articulated regarding economic growth, responsible mineral development, negative externalities, and the financial importance of ecosystem services.
We also urge Rio Tinto, a large stakeholder in the proposed mine, to re-examine its participation in the face of the growing risks and costs.
The investor group led by Trillium Asset Management LLC and Calvert Investment Management Inc, includes Christopher Reynolds Foundation, Clean Yield Asset Management, First Affirmative Financial Network, Green Century Capital Management, Inc., Investor Voice, SPC, Maryknoll Sisters, Newground Social Investment, SPC, Pax World Management LLC, Sierra Club Foundation, The Sustainability Group of Loring, Wolcott & Coolidge, Walden Asset Management, and Zevin Asset Management LLC.