Citi is the third largest shareholder in Highlands Pacific and St. Barbara Limited, mining firms that together have dumped more than 54 million tonnes of toxic waste into waters off the coast of Papua New Guinea at the Ramu and Simberi mines respectively.
It calls for pro-biodiversity, innovative, and sustainable investments that promote positive outcomes for an interconnected, global community.
“We try not to be in the business of saying “no”… but sometimes it’s necessary. We have a clear policy that delineates what we will support… and what we won’t.” — Citigroup CEO Michael Corbat in 2015
Mine waste decimates marine habitat and valuable commercial and sport fisheries. Waste from the Citi-backed Ramu nickel mine in Papua New Guinea goes straight into the “Coral Triangle” of the Bismarck Sea, home to the highest diversity of coral, fish and marine plant species in the world.
Ocean mine waste dumping is an outdated practice that has been phased out in many parts of the world due to harmful and often irreversible impacts on water, marine ecosystems, and community livelihoods.
Coastal fisherman concerned about the impact of mine waste dumping filed a complaint against the Norwegian government over Nordic’s Engebø mine. The local tourism industry calls the project a “catastrophe for modern business.”