Who benefits? Norwegian investments in the Zambian mining industry
Popularly known as the “Oil Fund”, the Norwegian Government Pension Fund Global has investments spread all over the world, including in large multinational companies within the extractive industry. The industry has earned a bad reputation in developing countries for pollution, environmental damages, displacement of local populations, corruption and tax evasion. This report looks to Zambia to study the impacts of Norwegian investments in the extractive industry on local development, and to see whether there are any contradictions between Norwegian official development assistance on the one hand, and Norwegian investments in the extractive industry on the other.
Norwegian investments in the Zambian extractive industry through the Norwegian Government Pension Fund Global´s investments in Glencore and First Quantum Minerals have adverse impacts on local development in the communities that we visited. Based on the findings of this report, the Norwegian Council on Ethics should investigate the operations of Glencore and First Quantum in Zambia.