Connect with us

Hi, what are you looking for?


Norway’s wealth fund puts Indonesian SOE under observation on risk to prehistoric art

JAKARTA — Norway’s wealth fund has placed an Indonesian state-owned enterprise (SOE) cement maker, in which it has a stake, under observation for three years for what it calls “risk of damage” from the firm’s activities to prehistoric cave paintings on Sulawesi island.

A Semen Indonesia subsidiary operates a mine near 18 caves in South Sulawesi which house some of the world’s oldest paintings, said Norges Bank, which manages the world’s biggest sovereign wealth fund Norges Bank Investment Management (NBIM).

“The background for the decision is unacceptable risk of damage on prehistoric and irreplaceable culture heritage,” Norges Bank said on Thursday, citing recommendations by an ethics council.

Vibrations from drilling activities and dust from trucks carrying raw material pose a risk of erosion to the cave art, it said.

Semen Indonesia said in a statement that it had made efforts such as restricting access to entry and minimizing vibration or dust, adding the fund’s decision to place it under observation was to ensure these measures are executed.

“We are fully committed in environmental preservation, including the pre-historical cultural heritage found under our areas,” the company said.

NBIM is Semen Indonesia’s third-largest shareholder, with 1.6% of outstanding shares as of end-2022 worth around $45 million, according to Refinitiv data.

Caves in South Sulawesi are home to paintings that are believed to be about 44,000 years old and the earliest known pictorial record of story-telling. Archaeologists have said some are rapidly decaying due to factors like salt erosion driven by climate change.

Last week week, UNESCO designated the area a “global geopark,” meaning it is a landscape with geological significance that should be developed sustainably.

Semen Tonasa “has no systematic monitoring of rock art sites,” Norges Bank said, adding that “a lack of oversight over the impact of the company’s operations constitutes a significant risk, given the outstanding cultural heritage which the rock art represents.” — Reuters

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



By Luisa Maria Jacinta C. Jocson, Reporter THE NATIONAL Government’s (NG) budget deficit widened to P133 billion in August as revenues declined, data from...


THE GOVERNMENT is planning to launch US dollar-denominated retail Treasury bonds (RTB) on Tuesday, Finance Secretary Benjamin E. Diokno said. “We will launch the...


By Keisha B. Ta-asan, Reporter SUPPLY SHOCKS to inflation and a weaker peso against the dollar may prompt the Bangko Sentral ng Pilipinas (BSP)...


By Bernadette Therese M. Gadon, Researcher THE PHILIPPINES’ largest banks saw asset and loan growth ease in the second quarter, reflecting the impact of...


PROJECTS and activities to be funded via the issuance of “blue bonds” should support specific items under the United Nations Sustainable Development Goals (UN...


1 of 5 VERSACE TOM FORD PRADA EMPORIO ARMANI FENDI MILAN — Italian luxury label Dolce & Gabbana (D&G) presented a mainly black and...

You May Also Like

Top News

As the world seeks sustainable and energy-efficient solutions for heating and cooling, the heat pump market is experiencing a significant surge. According to the...


The Toto site’s user-friendly interface makes it easy for both beginners and experienced gamblers to navigate through the various features. “¸ÔÆ¢Æú¸®½º site is a...


Almost 100 jobs are thought to be under threat at smart home energy technology manufacturer myenergi. The Grimsby firm, named one of the UK’s...


The number of small businesses planning to increase prices to their customers is set to rise dramatically this quarter, further fuelling inflationary pressures. A new quarterly analysis of...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.