Swedish pensions invested in problematic mines in Latin America

REPORT | 22 July 2011

Water scarcity, land conflicts and harassment of trade unionists – these are the facts of life for those living and working at the Yanacocha mine in Peru.

Reports of abuse and environmental degradation have done little to stop the Swedish national pension funds from investing in Yanacocha. Ethical guidelines and requirements for investment are too lax and must be strengthened, according to a study by Swedwatch.

Swedwatch has investigated three mining companies in which the AP-funds hold shares: US-based Newmont Mining Corporation, Canadian-based Barrick Gold and Goldcorp. All three companies have been accused of violating of human rights and severe environmental impact in connection with their gold mines in Latin America. The AP-funds have in total EUR 150 million invested in the companies but have only reacted to one of the cases.

Made in collaboration with: The Solidarity Sweden-Latin America