Tiger is the project sponsor and has been listed on the Australian Stock Exchange since 1997. Tiger has several institutional shareholders, including its main shareholder, Antares Capital, with approximately an 8% stake.

The US$162.5 million of new debt will together with existing cash and the net operating cashflows, since Kipoi is an operating mining project, provide the funding required to meet budgeted outgoings in the financial plan, including the planned expansion capex.

It is expected that IFC will provide US$40.5 million of the new debt financing to SEK, and in addition can invest up to US$5 million in new Tiger equity. The Taurus Mining Fund (“Taurus”) will provide US$122 million of the debt. Taurus currently has US$100 million of short term debt outstanding to Tiger, which will be rolled into the long term financing.

45.50 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	40.50
Equity	5.0

* These investment figures are indicative

The Project is located 75km out of Lubumbashi in Katanga Province, in the Democratic Republic of the Congo. The site is adjacent to the main rail, road and power lines running between Lubumbashi, Likasi and Kolwezi on the Katanga “Copper Belt”. There are five local villages that are in proximity to the project and will be the focus on community engagement activities: Kangambwa, Katanga, Luafi, Bungu and Lukutwe.

1. Taxes and royalties: The Government of the Democratic Republic of Congo ("GoDRC") will receive taxes and royalties, and will receive dividends from a 5% freely carried equity stake that is expected to be transferred to the State during 2015. The mine life is 17 years, but with currently delineated resources and other earlier stage projects, it is expected that the mine life can ultimately be doubled, thus prolonging the fiscal benefits to the GoDRC.
2. Employment: The expansion project will create further direct and indirect employment opportunities for the local community. Tiger follows Government policy of hiring at least 90% local residents and has so far hired from the local villages of Kangambwa, Katanga, Luafi, Bungu and Lukutwe. SEK currently employs 797 staff. During the height of the construction for the expansion a total 525 contractors will additionally be hired. Once the expansion to 32.5 ktpa copper cathode has taken place, 824 people will be full-time employed at Kipoi. The SNEL/Megatron power grid improvements works and maintenance are expected to generate further employment within the community.
3. Community investments: The Company has already made various community investments including: (i) constructing a school and a clinic in Kangambwa; (ii) managing rural waste supply in selected target villages: (iii) providing HIV/AIDS, malaria and agricultural education / training; and (iv) providing power to the local school. The company will invest annually 0.5% of its EBITDA in community improvement projects. These investments will be focused on its strategic community engagement sectors, including agricultural technical assistance, community health programs, including the development and monitoring of the Kangambwa clinic, HIV/AIDS awareness material and support, community education programs. IFC is expected to provide Advisory Services support to the company to further enhance community development impacts.
4. In-country value addition: The Company is producing copper cathode, a high value finished copper product equivalent to LME specifications, and the financing will result in the expansion of this high value added product from 25ktpa to 32.5ktpa.

The DRC is known to face major governance challenges: it falls within the lowest quartile according to the ranking based on World Bank Governance Indicators. However, the Government has placed a priority on improving governance and transparency and has taken steps to strengthen its policy, legal, and regulatory frameworks. The following positive steps have been taken in recent years: (i) in 2012 the DRC joined the Organization for the Harmonization of Business Law in Africa (“OHADA”); (ii) in 2013 the DRC ratified the New York Convention on international arbitration decisions; (iii) in 2014 the DRC parliament passed an amnesty law for acts of insurrection, waging war and political offences covering the period from February 2006 to December 2013; and (iv) in 2014 DRC became EITI compliant. Moreover, World Bank is implementing a Mining Sector Reform Project (ProMines), a four-year project that started in 2011 and is due to end in 2015, and may be extended.
IFC has considered governance risks to project benefits and is satisfied that the project should be supported. The sponsor has agreed to make project/company payments to government public, as well as contracts or key contract terms.

1. Long term debt: IFC will be helping to provide a long term financing solution to replace short-term debt, at a time of severe market volatility, depressed commodity prices and general investor risk aversion;
2. E&S Support: IFC''s engagement and ongoing support will provide comfort to stakeholders (GoDRC, communities, investors, etc.) that E&S risks are being properly addressed to good international standards and IFC''s Performance Standards;
3. Advisory support: The Company is keen to work to good international standards. To this end, an IFC advisory services program is being designed to provide further assistance to the Company in managing local stakeholder-related risks.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Direct Employment (#) - Operations and Maintenance	Employment (#)		Not Available	Not Available	Not Available
Female Direct Employment (#) - Operations and Maintenance	Female Employment (#)		Not Available	Not Available	Not Available
Payment to Government	Annual Payments ($M)		Not Available	Not Available	Not Available
Community Development Outlay ($) and (#)	Outlay ($)		Not Available	Not Available	Not Available
Community Development Outlay ($) and (#)	People Benefitting (#)		Not Available	Not Available	Not Available
Domestic Purchases ($M) and (MT)	Current Purchases (MT)		Not Available	Not Available	Not Available
Domestic Purchases ($M) and (MT)	Current Purchases ($M)		Not Available	Not Available	Not Available

This is a category B project according to IFC’s Environmental and Social Review Procedure because the Environmental, Social and Health & Safety (ESHS) risks and impacts relate to expansion of an existing asset and are limited, largely site specific within the existing footprint and are adequately managed through implementation of appropriate mitigation measures. The project requires a public disclosure period of at least 30 days prior to consideration by the IFC Board.

The mine is a small existing operation and the IFC investment will fund the removal and rehabilitation of old tailings storage facilities and installation of new engineered facility coupled with a small increase in production capacity. A secondary outcome will be better energy and water efficiencies within the same surface footprint. The investment will not result in any significant new impacts. Pre-existing environmental, health and safety issues associated with the project include: occupational and community health and safety; dust control; waste management, including hazardous waste and management of mine residue deposits; water management; hazardous materials management and transportation risks on roads leading to the site. The company has mitigated these risks by commissioning and implementing a PS gap analysis completed by an international consultancy during 2014 and a follow on revised ESIA meeting IFC standards which is due for completion in mid-2016.

The main pre-existing social risk relates to managing community expectations and potential in-migration in a post-conflict society where local and regional government capacity is limited. The company will mitigate these risks through strengthening its community engagement and community investment initiatives.

PS5 does not apply as the there are no villages or community land within the mining concession and the project will not result in any physical or economic displacement. PS6 does not apply because there are no sensitive habitats, endangered species or protected areas recorded within the project area. PS7 is not applicable as there are no indigenous people in the project area. Equally, PS8 is not applicable because no site of significant cultural or historical value has been identified within the project footprint.

Please refer to the related Environmental and Social Review Summary (ESRS) document for this project.

Please refer to the Environmental and Social Action Plan (ESAP) tab in the related Environmental and Social Review Summary (ESRS) document for this project.