Botswana Mining Industry Receives IFC Investment

IFC, a member of the World Bank Group, recently announced that it has agreed to invest C$5 million ($4.7 million) in Tsodilo Resources Limited to help advance an exploration project for diamonds and base metals in Botswana.

“Tsodilo shares IFC's commitment to responsible mining exploration and engagement with local communities,” said William Bulmer, IFC global head for mining.” This investment continues our strategy of supporting early stage exploration companies with financing and advice.”

IFC offers mining clients in developing countries a broad range of financial and advisory services throughout the mining life cycle. In a press release, the company that through its early equity investment program, it assists exploration-stage companies such as Tsodilo with financing and advice on best-practice environmental and social management.

IFC is a member of the World Bank Group and fosters sustainable economic growth in developing countries by supporting private sector development, mobilizing capital for private enterprise, and providing advisory and risk mitigation services to businesses and governments.

The mining sector dominates Botswana's economy, with diamond mining contributing over 50 percent of the country's tax revenues. The government of Botswana is intensifying its efforts to diversify the economy including promoting non-diamond mining activities.