America Mineral Fields welcomes UN report

31st October 2003

Canadian miner America Mineral Fields yesterday welcomed that fact that the UN’s expert panel on the illegal exploitation of natural resources and other forms of wealth of the Democratic Republic of the Congo (DRC), had recommended to the Security Council that America Mineral Fields’ name be removed from the annexes to its final report.

In the draft of its report published in October 2002, it was alleged that the 76 international companies listed in Annex III had been non-compliant in some respect with the Organisation for Economic Cooperation and Development’s (OECD) Guidelines for Multinational Enterprises, referenced in that organisation’s policy brief of June 2001.

“We are delighted that the panel, after a rigorous investigation of the issues, has concluded that America Mineral Fields’ inclusion in the report was totally unwarranted,” said Tim Read, President and CEO of the company.

“The objectives of the panel have been, and continue to be, fully supported by the board and management of the company. We applaud the panel’s efforts to encourage transparent and accountable business practices in the DRC.

”Our support for, and adherence to, such practices was why our inclusion in the panel’s draft report caused us such concern, and is why we immediately contacted the UN Secretary General and worked with the UN and the panel for the past year to secure our exoneration from these allegations”.

The company is currently developing several mineral assets in Central Africa including the Kolwezi cobalt/copper tailings project and the Kipushi zinc mine in the DRC and the Cuango River diamond project in Angola.