Washington, D.C., September 9, 2015—IFC,
a member of the World Bank Group, has taken an 8% equity stake in Roxgold
Inc., a Toronto-based gold exploration and development company, to support
sustainable development of the Yaramoko gold mine in western Burkina Faso.
The 18.4 million Canadian dollar investment
is IFC’s third investment in Burkina Faso’s mining sector, which is one
of the West African country’s leading economic drivers. It is part of
IFC’s strategy to help junior mining companies advance well-managed mining
projects in Africa that boost government revenues and economic growth.
“The Yaramoko mine has tremendous potential
to help Burkina Faso create jobs and raise government revenues for much
needed development projects. We look forward to helping Roxgold advance
this project with high environmental and social standards and strengthen
its plans to help develop the local economy,” said Namrata Thapar, IFC
Global Head of Mining.
“We are very pleased to have IFC as
one of our shareholders” said Roxgold President and Chief Executive Officer
John Dorward. “IFC is a well-regarded investor known for conducting detailed
due diligence on the technical, social and environmental aspects of development
projects throughout the world and we look forward to continuing to benefit
from its experience and resources.”
The Yaramoko mine is expected to raise
government revenues for Burkina Faso and create several hundred jobs in
an area of the country where employment opportunities are currently limited.
With IFC’s support, Roxgold will develop a strategy to enhance the Yaramoko
mine’s benefits to the local community, including through local employment
Construction of the Yaramoko mine is
currently underway, and Roxgold expects to start production in the second
quarter of 2016.
IFC, a member of the World Bank Group,
is the largest global development institution focused on the private sector
in emerging markets. Working with more than 2,000 businesses worldwide,
we use our capital, expertise, and influence, to create opportunity where
it’s needed most. In FY15, our long-term investments in developing countries
rose to nearly $18 billion, helping the private sector play an essential
role in the global effort to end extreme poverty and boost shared prosperity.
For more information, visit www.ifc.org