Last year, the IFC invested $75-million in resources projects in Africa.
However, the $150-million could prove a conservative estimate, as pipeline projects in the Democratic Republic of Congo (DRC) alone would be sufficient to exhaust the allocated amount, he pointed out.
The IFC anticipates investing in five new resources projects around the world each year, Rakgate said.
Two of these would be in Africa.
“We are talking to a lot of companies, however, the challenge is for junior mining companies to successfully meet our criteria.”
The IFC focused on projects ranging from pre- and post-bank feasibility study level, to exploration, with a huge focus on emerging markets, and Africa.
“Just yesterday, we concluded an $8-million deal for a copper-cobalt project in the DRC,” Rakgate noted.
“We are actively looking for junior mining projects especially at prefeasibility study stage.”
In fact, the IFC last year invested $2-million in tantalum project in Egypt and was busy with the World Bank in assisting the Egyptian government draw up a viable mining code.
Mining tantalum was a good investment as it is used principally in the consumer electronics industry, especially in the manufacture of electrolytic capacitors for mobile phones, computers and automotive electronics.