Zijin Mining Group Co. is a state-owned gold and mineral mining company located in Shanghang (Fujian Province, China)1. The company has 20 subsidiaries in China and operates in seven other countries2. It is the largest producer of gold in China and second in copper production3. Zijin Mining has not signed the UN-Global Compact.
Since Zijin Mining´s purchase of Monterrico Metals in 2007, it has operated4 the controversial Rio Blanco Mine in Peru, rejected by the community and surrounded by conflict5. In 2011 Zijin Mining Group paid a settlement deal to 33 Peruvians who claimed they were detained, beaten and shot at for protesting against the company’s Rio Blanco project in 20056.
In October 2013 the Norwegian Government Pension Fund Global (GPFG) excluded Zijin Mining from its investment portfolio on the grounds of severe environmental damage. They believe the possibility of another catastrophe remains high due to Zijin Mining’s lax compliance with what are normally binding regulations and the law7.
Investor information correct as at publication of Dirty Profits 3.
- Zijin Mining Group Co.Ltd.(2014): About us – At a glance (accessed 25.08.2014) [↩]
- Zijin Mining Group Co. Ltd. (2014): About us – At a glance (accessed 25.08.2014) [↩]
- Zijin Mining Group Co. Ltd. (2012): Social Responsibility Report, The Corporate Library (accessed 25.08.2014) [↩]
- Monterrico Metals plc (2007): Corporate Info (accessed 26.08.2014) [↩]
- Bank Track (2011): Rio Blanco Mine (accessed 25.08.2014) [↩]
- Bowcott, O. (2011): Mining firm pays compensation to Peruvian mine protesters; The Guardian, 20 July (accessed 25.08.2014) [↩]
- Ministry of Finance, Norway (2014): Companies Excluded from the Investment Universe (accessed 26.08.2014) [↩]