LONDON (Reuters) – Seeking assurances from Brazilian miner Vale by phone after a second deadly dam disaster in three years is not enough for Sasja Beslik. He plans to fly there himself to get answers.
Beslik, head of sustainable finance at Swedish bank Nordea, blocked the bank’s investment managers from buying any more Vale shares on Jan. 26, the day after a damn filled with mining waste burst its banks, killing hundreds.
He is the latest investor to step back from an industry that is trying to clean up its act. Vale needs to address the risks associated with tailings dams and deal with its waste material safely if it is to prevent an exodus of global funds and stem the recent share price slide.
“We have a quite comprehensive plan of what we want to get done,” Beslik said. “Right now, I have two analysts doing a collection of everything from satellite images to legal requirements, best practices, all of it.”
“They have tailings dams all over the world so what are the potential implications for them?” Fellow investor Robeco, which had been taking part in “enhanced engagement” with Vale since an earlier tailings dam collapse in 2015, has also now put it on a banned list.