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
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