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IFC TO INVEST IN MINERA QUELLAVECO IN PERU


Bibi Kasrai


WASHINGTON, D.C., June 3 -- The International Finance Corporation (IFC) and Empresa Minera de Mantos Blancos S.A. (EMMB) have jointly arranged to finance the development of the Quellaveco copper deposit, recently privatized by the state-owned Minero Peru S.A. IFC will acquire, by subscription, a 20% interest in Minera Quellaveco S.A., a company incorporated in Peru by EMMB to own and develop the project. "The initial project consists of a two-phase feasibility pilot program to carry out a technology assessment to confirm process feasibility and commercial viability," said Mutumwa Mawere, the IFC investment officer in charge of the project. " The first stage of the development program has already commenced." EMMB S.A. is a well-established mining company based in Chile, that specializes in copper. IFC's association with EMMB began in 1957. IFC, a member of the World Bank Group, is the largest multilateral source of direct loan and equity financing for private sector projects in developing countries.