The mining companies highlighted in this report
– Vale, Anglo American, Belo Sun, Potássio do Brasil, Mineração Taboca/Mamoré Mineração e Metalúrgica (Minsur Group), Glencore, AngloGold Ashanti and Rio Tinto – have received a total of $54.1 billion in financing from Brazil and internationally (when combining the banks and asset managers that own shares, bonds, or provide them loans or underwriting).
For the second year in a row, our findings indicate that major institutions headquartered in the United States continue to be the leading financiers of mining-driven destruction, with U.S.- based companies holding the most significant shares and bonds, or offering the largest loans or underwriting, to the mining companies highlighted in this report. The financial firms Capital Group, BlackRock and Vanguard invested a combined US$14.8 billion in mining companies with
interests on Indigenous lands and a history of
Capital Group, a U.S.-based financial services company, holds over US$7 billion in shares in these companies. BlackRock, the world’s largest asset management company, holds almost US$6.2 billion in shares, and asset manager Vanguard, around US$1.6 billion.
Brazilian financial institutions are notably present on the list of the five largest financiers. The Brazilian pension fund PREVI (Banco do Brasil’s Employee Pension Fund), is responsible for the largest investments in these mining companies, with over US$7.4 billion, followed by the private bank Bradesco, with almost US$4.4 billion. See the list of most frequent investors in the Appendix (pages 80 and 81).
For the period analyzed, the French bank Crédit Agricole was the largest creditor of the mining companies, with US$698 million in loans and underwriting, followed closely by U.S.-based Bank of America, with US$670 million. The German bank Commerzbank came in third place with US$668 million, followed by the conglomerate Citigroup, also of the United States, with US$651 million, and by the SMBC Group of Japan, with US$525 million.
US$ million (January 2016 - October 2021)
Source: Profundo Research and Advice. Complicity in Destruction IV - Financial Links. Nov. 2021.
Vale was the mining company that attracted the most in loans and underwriting, with US$4.1 billion, followed by Anglo American (US$3.94 billion), Glencore (US$2.2 billion), Rio Tinto (US$1.1 billion), Anglo Gold Ashanti (US$465 million) and Minsur (US$289 million). The amounts identified for Belo Sun (US$57 million) and Potássio do Brasil (US$2 million) were smaller. Both companies are not operational yet, and could attract more investment if they are granted the licenses they have requested.
As of October 2021, financial institutions held investments in shares and bonds of the featured companies totaling US$41.9 billion attributable exclusively to activities in Brazil. These investments are made up almost entirely of shares, 98%, with only 2% in bonds
The principal investor in shares and bonds of the selected companies is the Brazilian pension fund PREVI with US$7.4 billion, followed by the U.S. investment management firm Capital Group, with investments in Brazilian mining operations exceeding US$7.05 billion. U.S.-based asset manager giant BlackRock follows with nearly US$6.2 billion.