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Projects

Project Brief

Summaries of proposed guarantees are provided prior to Board consideration and before final contract signing, and they are therefore subject to change. Project briefs are disclosed after Board consideration and contract signing and reflect the terms of the project at the time of contract signature. Environmental and Social Review Summaries are provided for projects assigned an Environmental Assessment Category of A or B.

 

Project name
Kenmare Moma Mining Ltd. and Kenmare Moma Processing Ltd.
Project ID
4438
Fiscal year
2005
Status
Not Active
Guarantee holder
Kreditanstalt fur Wiederaufbau (KfW)
Investor country
Germany
Host country
Mozambique
Environmental category
A
Sector
Mining
Gross exposure
 $12.3 million
Project type
Non-SIP
MIGA has issued additional coverage of $12.35 million to KfW—Kreditanstalt für Wiederaufbau of Germany for its previous $20 million loan to Kenmare Moma Mining (Mauritius) Limited and Kenmare Moma Processing (Mauritius) Limited. MIGA originally issued coverage of the investment in the Moma mining project in 2003. This increase provides coverage against the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract.

The project involves the dredge mining development of a large heavy mineral sands deposit located in one of the poorest provinces in Mozambique. The project is expected to have significant development impacts, including generating significant employment, export and tax revenues, providing know-how and technology transfer, and developing infrastructure. Moreover, at the community level, Moma mining will continue to collaborate with local NGOs to ensure that the project will maintain close contact with the community. The project addresses two of MIGA’s priority areas: an investment in an IDA country and in Africa.

 
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