Tuesday, February 3, 2015
(Ottawa/Guatemala) North American shareholders in Tahoe Resources should follow the Norway’s Council on Ethics’s lead and divest say Canadian and U.S. organizations. They urge Canadian and U.S. investors to make use of a report published last week that recommends the exclusion of Tahoe Resources from the from the Government Pension Fund Global (GPFG) portfolio due to “unacceptable risk of the company contributing to serious human rights violations through its operation” at the Escobal silver mine in southeastern Guatemala.
The Council did not believe Tahoe’s claims that the apparent calm around the Escobal mine is a sign of support for the mine. The report reads: “…the company’s statement that the situation in and around SRLF is now more peaceful than in the months preceding the state of emergency [in May 2013] is probably correct. As the Council understands it, this is due to the militarization occasioned by the conflict.” The Council attributes militarization with breaking up organized resistance and a temporary stoppage of local consultation processes.
The Canadian Pension Plan most recently reported that as of March 31, 2014 it holds $49 million CAD worth of shares in Tahoe Resources. As of 2013, U.S. based TIAA-CREF, considered to be a socially responsible financial services company specializing in the needs of the non-profit and education sector, held some $5 million USD worth of shares.
Jen Moore, MiningWatch Canada, jen(at)miningwatch.ca, (613) 569-3439
Ellen Moore, Network in Solidarity with the People of Guatemala (NISGUA), ellen(at)nisgua.org, (510) 763-1403