BOSTON, June 24, 2013 /PRNewswire/ -- Sustainable and responsible investment firms Trillium Asset Management, LLC and Calvert Investments, Inc. are leading a group of 27 investors representing over $35 billion in assets, calling on the Environmental Protection Agency to initiate a Clean Water Act 404(c) review for the proposed Pebble Mine project at the headwaters of Alaska's Bristol Bay. Under 404(c), the EPA may prohibit or restrict the disposal of mine waste if it determines that it will have an "unacceptable adverse effect" on fishery areas, wildlife, and recreational areas.
The Pebble Mining Project is co-owned by Northern Dynasty Minerals Ltd and Anglo American plc.
"For investors with long-term investment horizons, the value of our portfolios is dependent in part on sustainable global economic growth. We are concerned that our returns could be negatively affected by the potential for negative social and environmental impacts posed by the development of this mine in such a valuable salmon fishery," said Jonas Kron, Senior Vice President with Trillium.
The EPA's Draft Impact Assessment on the impacts of the Pebble Mine on the Bristol Bay fishery under routine operation finds that it could result in ninety miles of streams blocked or eliminated and 4,800 acres of wetlands destroyed. Such degradation and destruction of water quality and habitat would have an adverse impact on the commercial, subsistence and sport fishing for salmon in Bristol Bay and the $500 million direct revenue from fish sales. In the event of a leak or spill of mine tailings, the impact would be even worse.
"We believe it is critically important for mining activity to occur only in ecologically and culturally appropriate areas. A Section 404(c) process will help ensure that," Kron added.
For more information:
Randy Rice, Trillium Asset Management, LLC, (617) 515-6889, firstname.lastname@example.org
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