Washington/Burkina Faso, September 8,
2009—IFC, a member of the World Bank Group, is helping Gryphon Minerals
Limited explore and develop mineral deposits in Burkina Faso that will
create jobs and support the country’s economic growth once developed into
IFC has made an equity investment of
two million Australian dollars in Gryphon Minerals. The company will use
the funds to finance exploration and feasibility studies of its flagship
property, the Banfora Gold Project, in southwest Burkina Faso. If the exploration
is successful, IFC will work with the company to implement best-practice
environmental and social management and explore how it can help local businesses
become suppliers to its mining operations.
“IFC is more than an investor, it also
is an advisor with a serious commitment to development in Africa,” said
Stephen Parsons, Managing Director for Gryphon in Burkina Faso. “We have
already benefited from IFC’s expertise in environmental and social management.”
Burkina Faso’s commercial mining sector
is developing but has the potential to create significant government revenues
and jobs for the people of Burkina Faso. The country has good mineral deposits,
but until recently most mining activity was carried out by artisanal miners.
The successful implementation of new mining laws in 2003 has resulted in
a substantial increase in commercial mining exploration and production
activities, placing Burkina Faso among Africa’s top-five gold producers.
“Gryphon shares IFC’s commitment to
responsible mining and values engagement with local communities,” said
William Bulmer, Global Head of IFC Mining Investments. “We see this project
as an opportunity to help set new environmental and social standards for
Burkina Faso’s emerging mining sector and look forward to a long-term
relationship with Gryphon.”
IFC, a member of the World Bank Group,
creates opportunity for people to escape poverty and improve their lives.
We foster sustainable economic growth in developing countries by supporting
private sector development, mobilizing private capital, and providing advisory
and risk mitigation services to businesses and governments. Our new investments
totaled $15 billion in fiscal 2009, helping channel capital into developing
countries during the financial crisis. For more information, visit www.ifc.org.
Gryphon Minerals Limited is a mineral
exploration company that has been engaged in exploration activities at
the Banfora Gold Project in Burkina Faso since 2005. The project area contains
five exploration licenses covering a total of 1,150 square kilometers.
For more information, visit www.gryphonminerals.com.au.