Kipoi Copper (IFC-36313)

Countries
  • Congo, Democratic Republic of
Where the impacts of the investment may be experienced.
Specific Location
Katanga Province
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
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
Dec 9, 2015
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
Tiger Resources Limited
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Mining
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 45.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 162.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 10, 2017

Disclosed by Bank Oct 22, 2015


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Project Description
This project finances the phase two expansion of the Kipoi copper mine in Katanga Province. This expansion has three components: i) Reclamation and removal of the two existing tailings storage facilities and processing through an acid leach tank, ii) Construction of a new engineered tailings storage facility, and iii) Construction of an additional 14 electro-winning cells with an increase in design capacity to 32.5 ktpa.
Investment Description
  • International Finance Corporation (IFC)
Tiger Resources Limited is an Australian listed copper producer and holds 100% of Société d’Exploitation de Kipoi (SEK) which operates the Kipoi copper mine in Katanga Province, Democratic Republic of Congo, approximately 75 km NNW of Lubumbashi. IFC is expected to provide debt financing of up to US$40.5 million to SEK and equity financing up to US$5 million to Tiger Resources Limited to fund the Phase 2 expansion. The debt portion of the financing would be part of a US$162.5 million package provided together with Taurus Mining Fund. Tiger Resources Limited is the project sponsor and has been listed on the Australian Stock Exchange since 1997. Tiger Resources Limited has several institutional shareholders, including its main shareholder, Antares Capital, with approximately an 8% stake.
Contact Information
Tiger Resources 1st Floor, 1152 Hay Street West Perth, Western Australia 6005 Australia Phone (+618) 6188 2000 Fax (+618) 6188 2099 mailto:admin@tigerez.com Contact: Stephen Hills, Chief Financial Officer, Tiger Resources Limited ACCOUNTABILITY MECHANISM OF IFC 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/