The World Bank Group's International Finance Corporation will invest about CAD 2.1 million in Mindoro Resources Limited to support the company’s nickel exploration project in Surigao del Norte in northeastern Mindanao that is expected to provide jobs and state revenues once a mine is developed.

Mindoro, a Canada based mining exploration company, will use IFC's investment to explore for nickel in the province’s Agata municipality. Besides the one in Agata, Mindoro has another nickel project in the towns of Mainit and Malimono in the same province, as well as copper and gold exploration projects in Batangas in Luzon.

Mr William Bulmer global head for mining at IFC said that "We are excited to be making IFC’s first mining investment in the Philippines in over 20 years and believe Mindoro has the potential to make the Agata project a success. This investment continues our strategy of supporting early stage exploration companies with financing and advice so that countries can maximize the economic benefits of their natural resources."

IFC said it will work with the company to ensure that exploration and any subsequent mine development will be carried out in an environmentally and socially sustainable manner.

Mr Jon Dugdale CEO of Mindoro Resources said that "IFC has a long track record of successfully supporting junior exploration companies around the world and we welcome them as shareholders in Mindoro. We look forward to drawing on IFC’s guidance and expertise to help ensure that progress at Agata follows recognized best practices for the mineral exploration industry, the environment, and for working with local communities."

IFC offers its mining clients in developing countries a broad range of financial and advisory services throughout the mining life cycle.
Through its early equity investment program, IFC assists exploration stage companies such as Mindoro Resources with financing and advice on best practices in environmental and social management.

(Sourced from www.bworldonline.com)