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Mauritania

Tasiast Gold Mine

$300 million
Mining
Project Brief
Active
gold mine at night

Project Facts

Project Facts

Project Facts

Mauritania
Project ID
13481
Strategic Priority Area
IDA
Transformational Project
Guarantee Holder
Kinross Gold Corporation (and/or subsidiaries or affiliates)
Investor Country
Canada
Environmental Category
A
Date SPG Disclosed
April 25, 2017
Projected Board Date
June 29, 2017
Project Type
Non-SIP
Fiscal Year
2017

Project description

On January 17, 2018, MIGA issued a guarantee of $300 million covering equity and shareholder loan investments by Kinross Gold Corporation (and/or its subsidiaries or affiliates) of Canada into Tasiast Mauritanie Limited S.A. (TMLSA). The investor applied for a MIGA guarantee of up to US $300m for a period of up to 15 years against the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract.

The project consists of the expansion and modernization of the Tasiast gold mine located 300 kilometers northwest of the capital city Nouakchott. The investment will be used to complete refurbishments of plant equipment and increasing throughput and processing capacity of the plant resulting in improved operating efficiencies and the lowering of operating costs.

Environmental Categorization

The project is a category A under MIGA’s Policy on Environmental and Social Sustainability. Click here to view the Environmental and Social Review Summary.

Development Impact

This is a significant investment for the both the mining sector and country. Key benefits include revenue generation through taxation and royalties; support to the labor market through sustaining jobs and provision of training to employees; and a demonstration effect for further large investments for the country.