IFC, a member of the World Bank Group, has completed a $185 million financing package for the construction and development of Guyana Goldfield s Aurora gold mine, located 170 kilometers west of Georgetown. The project is expected to become one of the largest contributors to Guyana s tax base and generate up to 900 jobs during peak construction. Since becoming a shareholder in the company in 2006, IFC has helped Guyana Goldfields establish an integrated environmental, health, safety, and social management system in line with international best practices.
The financing package consists of a $45 million loan from IFC s account and a $33.6 million loan from IFC s Managed Co-Lending Portfolio Program, a new syndications platform that offers institutional investors the ability to passively participate in IFC s future senior loan portfolio. In addition, IFC coordinated $106.4 million in loans from Export Development Canada, Caterpillar Financial Services Corporation, ING Capital LLC, and the Bank of Nova Scotia.
"IFC has been a strong partner to Guyana Goldfields for the last eight years. Their financing and global experience on environmental and social management have been invaluable as our project has evolved. This financing package demonstrates their strong commitment to the project s sustainable development and to Guyana , said Scott A. Caldwell, President & CEO of Guyana Goldfields.
Through its early equity program, IFC supports early stage exploration mining projects, such as the Aurora mine, that have the potential to bring significant positive economic impacts to local communities and the wider population in developing countries.
Guyana Goldfields will be one of the first project financings in Guyana, setting a precedent and positive example for investors across sectors, said Jean Philippe Prosper, IFC Vice President for Latin America and the Caribbean and Sub-Saharan Africa. We are excited to demonstrate that with strong partners and the patience of long-term investors we can help bring tangible benefits to the Guyanese people."
The Government of Guyana is actively promoting the development of commercial mining projects, such as Aurora, that follow international standards for safety and environmental and social management. IFC is currently working with the company and its contractors on a strategy to continue and enhance its sourcing of supplies and services from local companies.