Do you or anyone else you know have shares in North Ltd? We have been contacting North shareholders regarding North's development of the Jabiluka uranium mine in Kakadu National Park. The traditional owners of the Jabiluka area, the Mirrar people, are completely opposed to the mine going ahead and having 20 million tonnes of radioactive waste dumped in their land. We are now at a crucial stage of getting enough shareholders to create dissent within the company, and to get North to (potentially) drop the project.If you or anyone you know have shares in North Ltd, please Email their contact details to chris.doran@wilderness.org.au or ring (02) 9552 2788 and we will send them out the relevant information.
Westpac and Jabiluka : The Facts
- Westpac is helping to finance the Jabiluka Uranium Mine project.
- Westpac Life Insurance controls nine million shares in North Ltd, the parent company of Energy Resources Australia (ERA).
- Westpac provides a $1.5 million overdraft capacity to ERA.
- Westpac Custodian Nominees is listed as the number one shareholder in North.
- Westpac is one of the major bankers to both North and ERA.
- Westpac has loaned over $100 million to North Ltd.
- ERA lists its financing as in house from North.
Westpac is the only Australian financial institution to sign the United Nations Environment Program Statement by Financial Institutions, a commitment to "anticipate and prevent environmental degradation" and to "foster openness and dialogue relating to environmental matters with ... shareholders, employees, customers, governments and the public". They have also pledged to take a "precautionary approach to environmental management which strives to anticipate and prevent potential environmental degradation".
Westpac's own environment policy states the bank will "seek to take environmental issues into account in its lending decisions" and that it will "meet or exceed recognised community environmental standards". A 1998 Newspoll revealed that 67% of the Australian population were opposed to the Jabiluka project.
Westpac is clearly in breach of its own and international environmental policies.
Westpac is a major sponsor of the "Green Olympics". It is claiming an environmental conscience it clearly doesn't have. We demand that the bank honour its commitments to community standards and international agreements.
Kakadu could be placed on the World Heritage in Danger List in July because of Jabiluka. Public pressure and scrutiny regarding Westpac's involvement in the project will only increase.
We ask Westpac to help Australians Stop Jabiluka by:
What you can do:
- asking ERA to halt construction while the World Heritage Committee investigates the project
- use its 9 million shares in North Ltd to pressure it to drop the Jabiluka project
- cease their shareholder facility operated by Westpac Nominees whch holds the largest package of shares in North and ERA
- cancel banking services to ERA and North, and cancel ERA's overdraft capacity
- Ring Westpac on 1 800 800 388
- Arrange a meeting with your branch manager to discuss your concerns
- Fax a letter to Westpac's CEO David Morgan 02 9226 4128
- FOR FURTHER INFO, contact us on 02 9518 5257
IF YOU HAVE ALREADY CLOSED YOUR ACCOUNT OR RE FINANCED YOUR MORTGAGE OR LOAN IN PROTEST OVER WESTPAC'S INVOLVEMENT IN JABILUKA, PLEASE LET US KNOW!
Information by Chris Doran from The Wilderness Society. Thanks!
Page last updated May 2, 1999.
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