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Norway’s USD 1tn fund lifts decade-long ban and builds stake in mining company

After freezing out Rio Tinto Group for more than a decade for owning a highly polluting copper mine, one of the world’s biggest sovereign wealth funds has brought the company back into the fold.

Chimneys billow smoke at the Rio Tinto alumina refinery in Gove, also known as Nhulunbuy, located 650 km (404 miles) east of Darwin in Australia's Northern Territory July 16, 2013. REUTERS/David Gray/File Photo GLOBAL BUSINESS WEEK AHEAD PACKAGE - SEARCH "BUSINESS WEEK AHEAD AUG 1" FOR ALL IMAGES. (Foto: © David Gray / Reuters/Scanpix 2016) | Photo: David Gray/Reuters/Ritzau Scanpix/REUTERS / X00503

Norway’s USD 1trn wealth fund built a 1.4 percent stake in the world’s No. 2 miner by the end of September, according to Bloomberg data. That puts the fund among the top 10 holders of Rio Tinto shares, the data show.

The investment demonstrates the value of meeting the increasingly aggressive environmental goals set by some of the largest money managers.

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