A company in which the Church of England has a £29m shareholding will face allegations of human rights abuses and widespread environmental destruction as campaigners publish an ‘alternative report’ into its activities today.

The Catholic Church in the Philippines is having significant success in its campaign against mining as the Church of England seeks to profit from the companies who operate there.

The decision by the Church of England to disinvest from Caterpillar has been welcomed by the charity War on Want. Institutional investors are now being urged to follow the Church's lead.

The Church of England announced yesterday it had withdrawn its investments in a controversial company as theologians and priests intended to publish a letter denouncing the Church's investment.

A report launched today in the UK will call for a moratorium on new mining in the Philippines. The Church of England however has a substantial investment in the companies which the report challenges.

British mining corporations supported by the UK government, such as Vedanta Resources, Rio Tinto and BHP Billiton, are complicit in human rights abuse while making huge profits in developing countries.