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last update: Aug 26, 2010
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printGrasberg Mine - Indonesia location
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![]() Destruction of the natural landscape by Grasberg mine, Papua, New Guinea
sector
mining
description
The Grasberg mine located in Papua, on the island New Guinea, just north of Australia, is being run by the mining company Freeport McMoran. The Grasberg mine is the biggest goldmine and the third biggest coppermine in the world. current status (May 22, 2008)
Freeport McMorRan is expanding its operations in Peru, Chile, Arizona (USA), the DR Congo and Indonesia. Last year, the company merged with Phelps Dodge.
companies involved
The Grasberg mine is run by PT Freeport Indonesia. Freeport McMoRan owns 90.64% of the company, the remaining 9% are owned by the Indonesian government. dodgy aspects
social impact
environment
"The rivers running through the lowlands that constitute the deposition
area have been described as one of the most biodiverse habitats in the
world. This ecosystem is now completely destroyed”, writes the
Indonesian environment ministry. human rights
Freeport has also been criticised for the murder and torture of indigenous people living in the vicinity of the mine at the hands of soldiers and police bribed by the company. financial institutions involved
banks
Bank Negara Indonesia
Bank of Tokyo Mitsubishi UFJ
- profile
Bank Rakyat
BNP Paribas
- profile
Crédit Agricole
- profile
Crédit Agricole CIB
HSBC Group
- profile
ICICI Bank
ING Group
- profile
JPMorgan Chase
- profile
Royal Bank of Canada
- profile
Royal Bank of Scotland
- profile
Santander
- profile
Scotia Bank
- profile
Société Générale
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Standard Chartered
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State Bank of India
Sumitomo Mitsui Banking Corporation
- profile
UBS
- profile
UniCredit Group
- profile
US Bank
investment funds
Merrill Lynch
On October 1st, 2008 Deutsche Bank downgraded Freeport-McMoRan from Buy to Hold.
what must happen
Friends of the earth Indonesia (Wahli) recommends in its latest report 'The environmental impacts of Freeport-Rio Tinto's Copper and Gold Mining Operation in Papua' the following to the Indonesian government:
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