International Finance Corporation (IFC) invests in Australia’s Baobab Resources mining project in Tete province

Monday, Jan 19, 2009

The International Finance Corp (IFC), of the World Bank group, plans to invest in the Mozambican iron ore project of Australia’s Baobab Resources, the company said.

The IFC plans to take a stake in Baobab by paying a maximum of US$5 million during the phases of exploration and carrying out of economic feasibility surveys of the mining concession in Tete province.

The involvement of the IFC will help Baobab to keep the around 40 staff it has working during the current global financial crisis, whilst also supporting the transfer of technology.

The IFC, of the World Bank group, supports the economic growth of developing countries by supporting the private sector, by mobilizing capital and providing consulting services.