Australia's export credit agency assesses African mining projects

The export credit agency of the Australian Government continues to support and expand its financial backing for Australian-backed mine project opportunities in Africa.

PERTH - 

Export Finance Insurance Corporation (EFIC) director Jan Fuchter told the concluding day of the Paydirt Africa DownUnder Conference that support is being considered by the Federal Government for involvement in a range of additional countries in Africa, in addition to current project support in Kenya, Zambia and Mozambique.

"In the north west, we are currently assessing support for Australian projects in Morocco, Mali, Senegal, Guinea, Ghana, Nigeria and Cameroon," Fuchter said.

"We also plan to lift our presence on the south east and south coast, possibly adding Uganda, Tanzania, Mozambique and South Africa to our current African exposure."

Since 2004, the Corporation has committed more than US$420 million in support for African ventures involving Australian firms. This include copper projects in Zambia, the Mozambique to South Africa gas pipeline, and for engineering, procurement and construction services for the Moma Mineral Sands project.

The bulk of funds have been to support Lumwana Mining Company's Lumwana copper project in Zambia involving Equinox Minerals Ltd (ASX: EQN).

"The EFIC is willing to support the growth of Australian business internationally by providing financial solutions in a manner that is complementary to, not in competition with, commercial lenders," Fuchter said.

"Our key focus as a lender, insurer and guarantor is structured trade and project finance for larger companies and projects and SME/mid size companies and obviously Africa's resources expansion is attracting interest from Australian explorers and mine developers."

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CORPORATE SOCIAL RESPONSIBILITY NO TTENTION IS PAID TO CORPORATE SOCIAL RESPONSIBILITY. THE HIGHEST PER CAPITA CONCENTRATION OF PROSTITUTES IN ZAMBIA IS FOUND WHERE LUMWANA AND KANSANSHI MINES ARE LOCATED...BOTH WITH A HIGH PROPORTION OF AUSTRALIAN EXPAT WORKERS. LIP SERVICE IS . .more PAID TO ZAMBIAN WORKERS' SAFETY, AS WAS SHOWN RECENTLY IN KANSANSHI WHERE THE PLANT MANAGER NEGLECTED HIS RESPONSIBILITY AND A WERKER WAS FATALLY INJURED IN THE CONCENTRATE LOADING AREA. SUCH FUNDING IS BRINGING MORE HARM THAN GOOD FOR THE LOCAL COMMUNITIES, THEIR VALUES ARE BEING ERODED . .less by BRENDA SIMBULETTA on September 05 2009, 08:49 Find this comment inappropriate? Report it

Chinese mining investment in Aust (also scrap metal buy) Hellol; that this is the business enquiries as from this email as please to? and as thanks is. M; 0421024393 (AUS) 16th Oct 09. by bile on October 15 2009, 20:45 Find this comment inappropriate? Report it

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