FOR IMMEDIATE RELEASE
Thursday, December 15, 2011
Johannesburg, South Africa, Harare, Zimbabwe, Vienna, Austria, Tokyo, Japan – December 15, 2011 – African Compass International Limited (“ACI” or the “Company”), today announced the progress of its preliminary talks underway with the International Financial Corporation (IFC), a member of the World Bank Group (WBG), for the financing of its mining projects in Zimbabwe.
The preliminary talks with the private sector Mining team of the IFC’s Mining Group with Mr. Julien Bosche, IFC Infrastructure and Natural Resources – Africa, Latin America and the Caribbean, over the ACI opportunities, which provides equity and loan financing for mining companies to build projects that reward owners, investors, and local communities for investment areas such as exploration and development, came to a standstill in light of the fact, albeit ACI is a South African registered company, its current portfolio of projects which are in Zimbabwe, could regrettably not be financed as the country was currently under UN sanctions.
ACI continues to talk with prospective partners on the mining project and will work to comply with The Equator Principles based on the IFC performance standards on social and environmental sustainability, and on the WBG’s Environmental, Health and Safety General guidelines.
About ACI
African Compass International (“ACI”) is a global diversified private natural resources company in frontier, emerging/established emerging and developed markets. The Group farms, explores, sources, refines and produces, inter alia, agriculture products, base metals, ferrous & non-ferrous metals, minor metals, platinum group metals, precious metals, oil & gas and commercial energy. Our diversified operations in Africa, South America and Eurasia are supported by offices in Austria, Canada, Japan and Zimbabwe. ACI always seeks partnerships with all its stakeholders that will add value to projects at hand based on the core values of honesty, integrity and vision.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector in developing countries. It was established in 1956 and is owned by 184 member countries. For more information, visit www.ifc.org.
Supporting Resources: please visit www.africancompassinternational.com; follow @Afrikancompass on Twitter, or join ACI on LinkedIn.
For and on behalf of the Company’s Board of Directors
Julian RUPARE, Jr.
CEO & Chair
GLOSSARY OF TERMS:
The following are the main terms and abbreviations used in this webnews:
ACI African Compass International Limited and/or its subsidiaries, as appropriate
CEO Chief Executive Officer
CLO Chief Legal Officer
Company African Compass International or African Compass International Limited
COO Chief Operating Officer
IFC International Financial Corporation
UN United Nations
WBG World Bank Group
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African Compass International
Johannesburg | Harare | Vienna | Tokyo
Directors J Rupare Jr (CEO) C N Rupare (COO) U Mazunga (CLO)
