Summary of Proposed Investment
Project Number
11393
Company Name
Sino Gold Limited
Date SPI Disclosed
May 23, 2002
Country
China
Industry
other
Projected Board Date
Jun 26, 2002
Status
Completed
Sector
Gold
Department
Gbl Infrastructure & Natural Resources
Environmental Category
B - Limited
Previous Events
Approved : Jun 28, 2002
Invested : Nov 27, 2002
Project Description
The project involves: the improvement and further development of the JCL underground gold mine; the exploration of an adjacent area; and early stage development of other projects in China. JCL started its operation in 1998 and currently produces about 100,000 oz of gold annually.
Developmental Impact
The project is expected to positively impact economic growth and poverty alleviation in three ways:
- Demonstrating the viability and attractiveness of investing in China’s mining sector: To date, SML is the only foreign owned ore mining company operated in China. The project will enhance SML’s success, setting an example for foreign investors considering activities in China, in particular junior mining companies.
- Demonstrating the viability and success of improving environmental and social best practices in mining in China: With IFC''s assistance, SML will further improve its practices and compliance standards, and stimulate other companies to learn from its example.
- Helping reform China''s gold mining sector: The project will support Chinese government''s efforts to enhance the gold mining sector''s competitiveness by introducing western management practices and by transferring technology to China.
IFC’s Role
By helping SML to achieve its growth objectives in western China, IFC would play a catalytic role demonstrating that foreign investment in the mining sector in the west of China is viable. In working with SML, IFC would also be able to help extend the frontiers of environmental and social responsibility for junior mining companies, setting examples for future mining projects in China.
Developmental Impact
The project is expected to positively impact economic growth and poverty alleviation in three ways:
- Demonstrating the viability and attractiveness of investing in China’s mining sector: To date, SML is the only foreign owned ore mining company operated in China. The project will enhance SML’s success, setting an example for foreign investors considering activities in China, in particular junior mining companies.
- Demonstrating the viability and success of improving environmental and social best practices in mining in China: With IFC''s assistance, SML will further improve its practices and compliance standards, and stimulate other companies to learn from its example.
- Helping reform China''s gold mining sector: The project will support Chinese government''s efforts to enhance the gold mining sector''s competitiveness by introducing western management practices and by transferring technology to China.
IFC’s Role
By helping SML to achieve its growth objectives in western China, IFC would play a catalytic role demonstrating that foreign investment in the mining sector in the west of China is viable. In working with SML, IFC would also be able to help extend the frontiers of environmental and social responsibility for junior mining companies, setting examples for future mining projects in China.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Mr. Jake Klein, Chief Executive Officer
Sino Mining Limited
Level 8, 17 Bridge Street
Sydney NSW 2000 Australia
Phone: (612) 8259 7000
Fax: (612) 8259 7070
EMail: jklein@sinominingltd.com.au
Sino Mining Limited
Level 8, 17 Bridge Street
Sydney NSW 2000 Australia
Phone: (612) 8259 7000
Fax: (612) 8259 7070
EMail: jklein@sinominingltd.com.au