Tasiast Mauritania (IFC-41009)

  • Mauritania
Geographic location where the impacts of the investment may be experienced.
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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Oct 10, 2019
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Mining
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 155.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 822.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 5, 2019

Disclosed by Bank Aug 2, 2019

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank documents, the Project entails the brownfield enhancement of the gold Tasiast mine, which includes: i) the expansion of the processing plant from a throughput capacity of 8,000 tons per day (tpd) to 15,000 tpd, ii) the capitalized stripping and sustaining capex necessary for mine development, and iii) the related site infrastructure.

The Project is located in north-western Mauritania, about 300 km north of Nouakchott (capital) and 250 km southeast of Nouâdhibou, a major city located on the coast. Access to site from Nouakchott is by the paved Nouakchott-Nouâdhibou highway (370km), and then via 66 km of graded mine access road to the mine. The location is remote and sparsely populated with no incorporated towns or settlements located near the mine. About 300 nomadic people (70 households) live semi-nomadic style within a 30 km radius from the mine site.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Total Project cost is estimated at US$822 million to be financed by US$300 million in debt and US$522 million in equity. IFC will provide up to US$62 million in IFC A Loan and US$93 million in Trust Loans. In addition, IFC will mobilize up to US$70 million in B1 Loans from commercial banks. The IFC A and Trust loans will be for a tenor of up to ten years.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Tasiast Mauritanie Limited S.A., is a limited liability company incorporated in October 2003 under the laws of Mauritania. It is a wholly-owned subsidiary of Kinross Gold Corporation (Kinross), the Sponsor. Kinross is a Toronto-based publicly listed company (NYSE and TSX) with a market capitalization of US$5.3 billion (July 29, 2019). Kinross is one of the five largest gold producers in the world, with a diverse portfolio of mines and exploration projects in West Africa, Russia and the Americas. Kinross’ shareholding is mostly institutional investors with Van Eck Associates Corporation, an asset management firm, BlackRock Investment Management (UK) Ltd., a private equity firm, and Ruffer LLP., an asset management firm being the largest shareholders with 14.05%, 9.27% and 5.32% shareholding respectively.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Kinross Gold Corporation Parent Company -
- - - - Tasiast Mauritanie Limited S.A Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Tasiast Mauritanie Limited S.A. 
Mr. Brahim M’Bareck 
Vice President, External Relations 
ZRA 741, BP 5051 Nouakchott, Mauritanie 
Website: www.kinrosstasiast.mr 


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/

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