Monrovia, Liberia, July 30, 2014—IFC,
a member of the World Bank Group, has agreed to invest £6.6 million ($11.1
million equivalent) in Aureus Mining to further the company’s exploration
and development work in Liberia, a country actively seeking to use its
natural resources for long term economic growth. In addition to financing,
IFC will provide environmental and social advice to Aureus as it works
to complete the New Liberty Gold project and continues additional exploration
work in Liberia.
Under the terms of IFC’s investment,
made in the way of a private placement, IFC subscribed for 24,520,296 common
shares in Aureus Mining and 12,260,148 warrants to purchase common shares,
together representing approximately 12.8% of the issued and outstanding
common shares of Aureus upon the exercise of the warrants.
"We are delighted to welcome IFC
as a shareholder of Aureus. Their investment and commitment to the
Company and Liberia will allow us to continue the development of New Liberty
Gold and build on our exciting exploration programs, particularly at Ndablama,
with the objective of delivering benefits to Liberia and our shareholders,”
said David Reading, President and Chief Executive Officer of Aureus Mining.
The New Liberty Gold Project entails
the construction of a greenfield open pit gold mine located in the Grand
Cape Mount County of northwest Liberia. In addition to paying revenues
to the government, the project is expected to provide 300 jobs in a remote
region of the country.
“Aureus is committed to working with
local communities and implementing projects that follow best practice environmental
and social standards,” said Tom Butler, IFC Global Head of Mining. “We
are pleased to continue our support to Liberia by investing in companies
and initiatives that will help grow and diversify the country’s economy”.
Liberia is one of eight countries supported
by IFC’s Conflict Affected States in Africa Initiative, which supports
private sector growth, job creation, and increased investment in countries
recovering from conflict. CASA is backed by donor partners Ireland, the
Netherlands, Norway, and Sweden.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in more than 100 countries, we use our capital, expertise,
and influence to help eliminate extreme poverty and promote shared prosperity.
In FY13, our investments climbed to an all-time high of nearly $25 billion,
leveraging the power of the private sector to create jobs and tackle the
world’s most pressing development challenges. For more information, visit
International Finance Corporation
2121 Pennsylvania Avenue, NW
Washington, DC, U.S.A