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NAB the bank with STD*

Main
Banks
By Charles Roche | Sydney, Australia, Sep 30 2010

In an era where banks are trying to look like good corporate citizens - the National Australia Bank has an unenviable record when it comes to supporting mines that dump their waste into rivers and oceans.

"The use of submarine or riverine tailings disposal is not an acceptable method of mine waste disposal" said Charles Roche, Executive Director of the Mineral Policy Institute

"Any bank that supports the use of riverine or submarine tailings disposal fails the test of corporate social responsibility."

"Despite their commitment to sustainability the Equator Principles and the OECD Guidelines for Multinational Enterprises, the NAB is investing in riverine and submarine tailings disposal."

"Australia should be embarrassed about the investment strategies of a bank that bears our name, clearly NAB has a history of investing in environmentally destructive mining operations in PNG and Indonesian-Papua."

"Whether you are an individual or a company, you should invest your money in a bank that does not support the dumping of mine waste into rivers, oceans or seas."

 

*STD, submarine tailings disposal involves the pumping of mine tailings into the sea via submerged pipelines. The mining industry prefers the term deep sea tailings placement or DSTP.

 

contact

Mineral Policy Institute Inc: abn 66 180 541 162 Mail PO Box 6043, Girrawheen 6064, Australia

Tel: +61 (0)8 9343 0151 Email: mpi@mpi.org.au Web www.mpi.org.au

 

Mineral Policy Institute Website

NAB
The National Australia Bank Group is one of the four biggest banks of Australia. It was founded in 1982 as the National Commercial Banking Corporation of Australia Limited.…
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