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Summary of Proposed Investment

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only.

Project number 24803
South Africa
Sector1All Other Metal (Including Tin, Tantalum, Tungsten, etc.)
Environmental categoryA
Date SPI disclosedOctober 12, 2006
Projected board dateDecember 14, 2006
Previous EventsInvested: April 11, 2007
Signed: March 13, 2007
Approved: December 19, 2006
View Environmental & Social Review Summary (ESRS), click here
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  Overview     Sponsor/Cost/Location     Development Impact     Contacts     Attachments  

Project description
The project is a multi-year expansion program of the operations of Lonmin Plc, the world’s third largest platinum producer. The project consists of:

- the development, expansion, and mechanization of Lonmin’s South African mines; and
- the development of a comprehensive, large-scale community and local economic development program (LEDP).

The financing will consist of a standby 10 year A loan of $100 million and an equity investment of $15-50 million.

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