24618 - Asian Lion Fund

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Summary of Proposed Investment

Project Number

24618

Company Name

ASIAN LION LIMITED

Date SPI Disclosed

Oct 29, 2005

Country

East Asia and Pacific Region

Industry

other

Projected Board Date

Dec 29, 2005

Status

Completed

Sector

Private Equity/Venture Cap Fund - Sector

Department

Gbl Infrastructure & Natural Resources

Environmental Category

Previous Events

Approved : Jun 14, 2006
Signed : Jun 28, 2006
Invested : Oct 16, 2006

Project Description

The Asian Lion Fund (Asian Lion or the Fund) is a mining fund which will target equity and equity-related investments in listed and unlisted mining companies engaged in advanced exploration to pre-feasibility work on base and precious metal deposits in the South Eastern Asia region. The Fund has a target size of between $20 to $30 million and IFC intends to invest between $3 to $6 million in the Fund.

The Fund will be the fifth fund raised and managed by Lion Manager Pty. Ltd. (Lion or the Fund Manager), which is based in Melbourne Australia.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	6.0

Development Impact

The Fund is expected to have several important development impacts, the key ones being:

- Early stage adoption of IFC’s Environmental and Social (“E&S”) Policies:
The Fund will ensure compliance with IFC’s E&S policies in its portfolio companies which are mainly engaged in exploration and project evaluation. This early-stage adoption of E&S standards will facilitate compliance during the construction phase as the companies’ projects mature into the construction / production phase.

- Demonstration Effect:
This investment will include a customized E&S training program organized by IFC for the Fund Manager. It is expected to be a demonstration case for the dissemination of IFC’s E&S Safeguard Policies through a third-party fund.

IFC’s role in the Fund will be:

- Dissemination and guidance on E&S Safeguard Policies: The Fund Manager has requested IFC’s guidance on improving its existing environmental due diligence and expressed its willingness to ensure compliance of its portfolio companies with IFC’s E&S Safeguard Policies.

- Value-added programs: IFC has an array of value-added programs for projects in the mining sector such as community development, supplier linkages, corporate governance and biodiversity protection. Given the early stage investment focus of the Fund, IFC expects to be able to work with the Fund Manager to incorporate its value-added programs in the Fund’s investments well before mine construction.

This is a category F1 project according to IFC’s Environmental and Social Review Procedure. The client will need to ensure that they have in place a suitable Social and Environmental Management System that ensures that:

- All its investments are consistent with applicable host country environmental laws and regulations as well as applicable IFC Safeguard Policies and the World Bank Group environmental, health and safety guidelines and policies;

- The Fund has designated appropriate individuals who will have responsibility for environmental monitoring and ensuring that the Fund has the capacity to carry out the environmental reviews required;

- The Fund submits an annual environmental performance report;

- Informing IFC prior to investing in Category A project.
Location of environmental documents In locally affected community

Contacts

For Inquiries About the Project, Contact

Chris Melloy, Executive Director
Lion Manager Pty Ltd
Level 4, 15 Queen Street Melbourne 3000, Victoria,
Australia
Tel: +61-3-9614-8008
Fax: +61-3-9614-8008

This Summary of Project Information (SPI) is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC's activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC's Disclosure of Information Policy that went into effect September 1998.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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