Thursday, 2nd February 2006 (2517 views)

The World Bank has approved $125 million in loans for Newmont's Ahafo gold project in Ghana.

The board of the International Finance Corp. (IFC), the World Bank's private-sector lending arm, has invested $75 million in the project, with the rest raised by a syndicate of commercial banks.

Total capital input in the project, located 180 miles northwest of Ghana's capital Accra, is expected to be around $425 million. Gold production is likely to be around 500,000 ounces annually, beginning in mid-2006.

The IFC conducts a comprehensive public consultation during its evaluation process, which is transparent and addresses environmental and social concerns.

An IFC board official, speaking on condition of anonymity, said that "it is good to have the IFC around pushing for higher standards and social and environmental compliance."

The sentiment was reiterated by Newmont chief Wayne Murdy, who praised the IFC's commitment to sustainable development and poverty reduction, and said Newmont shared the same aims.

"We will continue to work with the IFC, local communities, the Ghanaian government and NGOs to ensure that this project operates consistently with best practices in social and environmental responsibility," he said.

 

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