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World Bank OKs loan for Glamis' Guatemala gold mine |
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| USA: July 1, 2004 | ||
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WASHINGTON - The World Bank's private sector arm yesterday approved $45 million to help Canada-based Glamis Gold Ltd (GLG.TO: Quote, Profile, Research) develop the Marlin gold mine in western Guatemala, the country's first major mining investment in two decades.
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The International Finance Corp (IFC) said the mine, being developed by Glamis' wholly-owned unit Montana Exploradora de Guatemala, is expected to produce an average of 217,000 ounces of gold and 3.33 million ounces of silver annually. The mine is currently under construction and is expected to start producing gold by the first quarter of 2006. Glamis also owns the nearby Cerro Blanco gold project. "The Marlin project will support the government of Guatemala's efforts to invigorate investment in the mining sector," said Rashad Kaldany, World Bank director for oil, gas, mining and chemicals. In addition to the loan, the IFC said it will help to plan and implement the environmental and social programs for the mine by working with the company, development groups and community leaders. In a statement, Glamis said the IFC's participation would "enhance the working relationship between the company, the government and regulators".
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REUTERS NEWS SERVICE
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