Africa Finance Corporation (AFC) Investee Dynamic Mining Shines with Sustainability Award at 2024 Mining Indaba

[Deeq A.]

PRESS RELEASE
Africa Finance Corporation (AFC) Investee Dynamic Mining Shines with Sustainability Award at 2024 Mining Indaba
Among the deserving recipients, Dynamic Mining stood out, earning the award for demonstrating leading practices in community engagement
Access Multimedia Content

CAPE TOWN, South Africa, March 5, 2024/ — Africa Finance Corporation’s (www.AfricaFC.org) investee company Dynamic Mining SAS has received the award for Community Engagement at the Responsible Resourcing Awards, held on the sidelines of the recently concluded African Mining Indaba in Cape Town. Now in its third year, the Responsible Resourcing Awards recognises and celebrates initiatives that promote sustainable mining and positive ESG practices. It also spotlights the innovation and dedication of junior miners advancing responsible mining by prioritising environmental protection, community support, and the pursuit of a sustainable and ethical industry future.

At the 2024 ceremony, the keenly contested Community Engagement award bestowed on AFC’s Investee Company, Dynamic Mining, was described by the judging body as identifying “a company enhancing local institutions and empowering people to assert their human rights through innovative initiatives and community engagement in decision-making processes.”

AFC, Africa’s leading instrumental infrastructure solutions provider, initially supported Dynamic Mining with a US$10 million Early Works Facility (EWF) in 2019 for project pre-construction activities. AFC subsequently invested US$85 million in the project finance package for the implementation of the project which comprised of US$45 million in equity, US$15 million in mezzanine debt, and US$25 million in senior debt. AFC also arranged the senior debt facility totalling US$90 million with participation from AFC, the African Export and Import Bank (Afreximbank), and the Arab Bank for Economic Development in Africa (BADEA).

Among the deserving recipients, Dynamic Mining stood out, earning the award for demonstrating leading practices in community engagement, using transparent platforms that place project-affected communities at the core of project stakeholder management and actively working to enhance accountability mechanisms. At its Bon Ami Bauxite Project, Dynamic Mining has achieved compliant land acquisition and physical and economic resettlement compensations in a socially acceptable manner in the host communities and the project’s areas of influence through a collaborative project-specific grievance resolution mechanism. These initiatives have aided corporate sustainability goals and met lenders’ environmental and social due diligence requirements. The successful implementation with zero community-induced work stoppages reflects AFC’s commitment to responsible practices, benefiting both the project and communities.

Commenting on the award, Manas Agarwal, Director at Dynamic Mining, said: “We are excited by this prestigious ESG Responsible Resourcing – Community Engagement Award. It is a recognition of our strong and collective commitments to the corporate sustainability stewardship tenets in mining, minerals and sustainable development. Inspired by our partners and lenders, this award is another motivation for us to continuously reflect on and improve our systems and practices in good corporate citizenship.”

Speaking about the Award, Executive Director & Chief Investment Officer Sameh Shenouda said: “We are thrilled and proud to witness Dynamic Mining receive the Responsible Resourcing Award for Community Engagement. This recognition reflects our shared commitment to sustainable practices and responsible resource extraction. Dynamic Mining’s success underscores the positive impact that collaborative efforts and ethical initiatives can have on both the industry and the communities we engage with. We look forward to continuing this journey towards excellence together.”
Distributed by APO Group on behalf of Africa Finance Corporation (AFC).

Qaran News