Tasiast Gold Mine (MIGA-3551)

Countries
  • Mauritania
Where the impacts of the investment may be experienced.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
A
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 29, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Kinross Gold Corporation (and/or subsidiaries or affiliates)
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 500.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ MIGA website

Updated in EWS Sep 23, 2017

Disclosed by Bank Apr 25, 2017


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Project Description
This summary covers equity and shareholder loan investments by Kinross Gold Corporation (and/or its subsidiaries or affiliates) of Canada into Tasiast Mauritanie Limited S.A (TMLSA) in Mauritania. The investor has applied for a MIGA guarantee of up to US$500m for a period of up to 15 years against the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract. The project consists of the expansion and modernization of the Tasiast gold mine located 300 kilometers northwest of the capital city Nouakchott. The investment will be used to complete refurbishments of plant equipment and increasing throughput and processing capacity of the plant resulting in improved operating efficiencies and the lowering of operating costs.
Investment Description
  • Multilateral Investment Guarantee Agency (MIGA)
Contact Information
ACCOUNTABILITY MECHANISM OF MIGA The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/