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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (31353)	1/18/2009 7:16:14 PM
From: LoneClone	Read Replies (1) \| Respond to of 195975

IFC injects $5m into Mozambique iron-ore project miningweekly.com By: Creamer Media Reporter Published on 16th January 2009 JOHANNESBURG (miningweekly.com) – An iron-ore exploration project owned by Australian junior miner, Baobab Resources, in the Tete province of Mozambique, has been given a $5-million boost that would sustain the miner's local workforce during the global financial crisis. The International Finance Corporation (IFC), which is a member of the World Bank group, announced on Friday that it would provide Baobab with an equity package of up to $5-million, in an effort to support local jobs and economic development. The funding would be used for the exploration and feasibility stage phases of the Tete project, which comprised three contiguous exploration licences, covering 632 km2. "Baobab is very pleased to have secured a joint-venture partner of IFC's reputation to participate in the future exploration and development of the Tete project," nonexecutive chairperson Jeremy Dowler said in a statement. IFC global head for mining William Bulmer commented that the IFC was committed to assisting companies that developed projects in an environmentally and socially responsible manner, and in regions with low economic growth. "Notwithstanding the current global financial crisis that has dried up much-needed liquidity, the IFC remains open for business and we will continue to invest in attractive junior mining companies," he added. The loan was expected to also support technology transfers and management skills transfers to Baobab's local work force. Further, the World Bank group was collaborating with the Mozambican government to improve the investment climate in the mining sector, which was expected to play a "growing role" in the country's economy, said the IFC. Mining sector policy reforms, capacity building, and improving the transparency of mining revenues were also being looked at.