NOKENG FLUORSPAR MINE (RF) PROPRIET
Status: Completed investmentWhy disclosure?
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Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
Our client is Nokeng Fluorspar Mine (Pty) Ltd, a Greenfield Fluorspar mining operation situated in South Africa.
What is our funding objective?
The objective is to provide senior debt to the project allowing the construction of the mining operation.
Why do we fund this investment?
The project will support in developing the economy of South Africa in terms of job creation, reduction in trade deficit and the development of the Fluorspar global market.
What is the Environmental and Social categorization rationale?
Environmental and Social Risk Management: The IFC PS relevant in this case are 1-4, 6 and 8. PS 5 is not triggered since, as confirmed by the independent Technical Advisor, the land for the project development has been acquired on willing buyer/willing seller basis. PS 7 is also not applicable since no communities are present directly on the property or in close proximity to the project area and therefore no resettlement of any nature is required. Nokeng has shown sound committed to meeting the requirements of IFC’s Performance Standards. This was voiced several times during the DD, and also demonstrated through the EIA and broad range of updated environmental and social management plans already in place and well elaborated, for instance on environmental, waste, biodiversity, wetland and disaster management. The Company has a well-experienced and locally based Safety, Health and Environment (SHE) manager who has built a full management framework based on the South African NOSA SHE management standard, including elements similar to ISO 14001 and OHSAS 18001. The company is committed to bring the management system in full compliance with the IFC PS and obtain the ISO 14001, ISO 9001 and OHSAS 18001 certification soon after start of operations
- Website customer/investment
- https://www.sepfluor.co.za
- Region
- Africa
- Country
- South Africa
- Sector
- Infrastructure, Manufacturing and Services
- Effective date
- 4/10/2017
- End date
- 6/15/2020
- Total FMO financing
- USD 23.58 MLN
- Funding
- FMO NV
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Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - A