Super fund's uranium investments queried

The Green Party wants the Government to stop its Super fund investing in companies that mine uranium.

Green Party co-leader Russel Norman said the fund had $13.5 million invested in BHP Billiton, owner of the world's biggest uranium deposit, Olympic Dam in Australia.

It also had $17.8 million invested in Rio Tinto, which operated the Ranger uranium mines in Australia, and was the world's third biggest uranium producer.

Mr Norman said the Government was publicly opposed to nuclear power and weapons, yet the Cullen Super fund was benefiting from nuclear power.

"We agree with the Government that nuclear power is unsustainable, given the dangers of a Chernobyl-type meltdown, the difficulty of disposing of waste and no known way of dismantling the old reactors," he said.

Nuclear energy programmes also contributed to the development of nuclear weapons in countries such as North Korea.

"How can the Government stand up on the world stage condemning nuclear weapons while investing in uranium mining?"

A spokesman for Finance Minister Michael Cullen said Dr Cullen had seen nothing that caused him to question the fund's investment policies.

Fund managers were given broad directions to have ethical policies.

- NZPA