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.
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.
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.