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. Continue Reading →