Norway's much-vaunted pension fund, which has a stated policy of
ethical investments, owns stock in a Canadian mining company accused
of polluting an island in the Philippines and causing severe health
problems among its residents.

Kristin Halvorsen said the pension fund's stake in Barrick would be evaluated.

Norwegian Broadcasting (NRK) reported on its national newscast Sunday
evening that the pension fund created by oil revenues has NOK 862
million (about USD 145 million) invested in Barrick Gold, which is
blamed for illness and even death among the population of the island.

Toronto-based Barrick Gold took over a company, Placer Dome, that
mined copper, silver and gold on the island of Marinduque in the
Philippines. The company also spewed mine waste that polluted local
waters, not least with mercury and lead.

Studies have shown high concentrations of the poisonous metals in the
bay at Marinduque. Philippine health authorities have also found high
concentrations of lead in children and adults living in the island's
fishing villages.

One resident interviewed by NorWatch, the business news service for
environmental group Future in Our Hands, had lost a leg to metal
poisoning, suffered a variety of other ailments and was barely able
to support his family any longer.

The Philippine authorities want to move the community away from the
polluted bay, but lack funding to do so. They're suing Barrick,
seeking compensation for the environmental damage done to the island.

Barrick has said it will vigorously oppose the claims against it.
NorWatch said a Barrick spokesman declined comment pending resolution
of the lawsuits.

A statement on the company's website claimed that Barrick "believes
that anything short of best management is unacceptable. Environmental
excellence is a strategic business objective. Barrick is committed to
protecting the environment wherever the Company is exploring for new
resources, or developing, operating or closing mines. "

The ethical guidelines for Norway's pension fund raise serious
questions about its investment in Barrick, yet the fund has boosted
its stake over the past several years.

Finance Minister Kristin Halvorsen said on national TV that the stake
would be investigated, acknowledging that the circumstances around
Barrick on Marinduque are "serious."