Tag Archives: extractive industries

Mopani copper mine, Zambia

In February 2005, the EIB granted a EUR 48 million loan to Mopani Copper Mine (MCM)[1] for the rebuilding and modernisation of the Mufulira copper smelter. The project was supposed to stimulate economic growth and reduce poverty, secure and stabilize employment in Mufulira and improve the quality of the environment by reducing sulfur and dust […]

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EIB Quits Tenke Fungurume Mining Project: It’s Time for Extractives Review

The EIB confirmed today that it will not finance the first phase of the Tenke Fungurume mining project in the Democratic Republic of Congo. The Tenke project, one of the largest copper-cobalt deposits in the world and majority owned by the giant American mining conglomerate Freeport McMoRan, is notorious for lack of transparency and corruption […]

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Min(d)ing its own business: the EIB approach to exploitation

How does the mining sector work in Africa? Counter Balance produced another cartoon in its series on the EIB in the Global South, this time about the impacts of resource extraction in developing countries.

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EU development money extracting more wealth from Africa, finds new report on Congolese copper mine

A EUR 100 million loan from the European Investment Bank (EIB) for the Tenke Fungurume Mine mining project in the Democratic Republic of Congo (DRC) has proceeded in spite of rampant corruption, human rights violations and social tensions surrounding the copper-cobalt mine’s development, according to a new report from the campaign coalition Counter Balance: Challenging […]

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Soul mining: The EIB’s role in the Tenke Fungurume Mine, DRC

The Tenke project, in the Democratic Republic of Congo (DRC), is one of the largest copper-cobalt deposits. The American company Freeport McMoRan (formerly Phelps Dodge) and Canada’s Tenke Mining together hold a majority stake in the project. On July 17, 2007, the EIB approved a EUR 100 million loan for the project. The Tenke Fugurume […]

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EU house bank’s penchant for dodgy deals in Africa must end, demand campaigners

European Investment Bank (EIB) announced last week that it would endorse and support the Extractive Industries Transparency Initiative (EITI). The EIB, which has invested over EUR 700 million in large scale mining projects in Africa since 2000, stated that it is ‘committed to promoting good transparency and governance in all the projects it finances’. [1] […]

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