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Australian investor groups voice concerns over Aboriginal heritage protection law -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Members from Aboriginal communities protest what they consider a lack in detail and consultation regarding new heritage protection laws. The Rio Tinto mining company destroyed an ancient rock shelter in P for its iron ore mine.

MELBOURNE, (Reuters) – A new law in Western Australia to protect Aboriginal heritage was not up to international standards. This statement came after Indigenous groups criticized the changes.

A long-anticipated bill to protect Indigenous heritage was unveiled Wednesday by the state, which is resource rich. But it faced backlash from Aboriginal groups. The minister in charge of development will retain final authority.

Since Rio Tinto (NYSE) illegally destroyed rock shelters that were culturally important 18 months ago for its iron ore mine, indigenous heritage protection has been a major issue. This prompted public anger and triggered a lot of outrage.

HESTA (Australian pension fund) and ACSI, the Australian Council of Superannuation Investors (ACSI), said traditional owners of the legislation were opposed to it.

Mary Delahunty from HESTA, Head of Impact said that “there is an emerging consensus among First Nations peoples as well the Responsible Investment Industry that this Western Australia bill sets a bar below international standards” and would not prevent another Juukan gorge.

Rio destroyed the rock shelters at Juukan Gorge, indicating evidence that humans inhabited this area 46,000 years ago.

Louise Davidson (CEO, Australian Council of Superannuation Investors) stated in a statement that “material financial risks and uncertainties can arise from poor companies engagement with First Nations Peoples or lack of protection of Cultural Heritage are a concern to investors.”

  It was important the new law gave increased assurance that risks to heritage sites will be adequately managed and mitigated, she said.

The Australian inquiry that investigated the incident recommended the creation of a new legal framework for Australia and the appointment of Aboriginal People as the highest decision makers in heritage-related matters.

  Western Australia produces more than half of the world’s traded iron ore, a key steel-making ingredient and Australia’s most lucrative export, worth A$153 billion ($111 billion) in the year to end-June.

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