AFC Investee Dynamic Mining Shines with Sustainability Award at 2024 Mining Indaba
Cape Town, 05 March 2024: Africa Finance Corporation’s investee company Dynamic Mining SAS has received the award for Community Engagement at the Responsible Resourcing Awards, held on the sidelines of the recently concluded African Mining Indaba in Cape Town. Now in its third year, the Responsible Resourcing Awards recognises and celebrates initiatives that promote sustainable mining and positive ESG practices. It also spotlights the innovation and dedication of junior miners advancing responsible mining by prioritising environmental protection, community support, and the pursuit of a sustainable and ethical industry future.
At the 2024 ceremony, the keenly contested Community Engagement award bestowed on AFC’s Investee Company, Dynamic Mining, was described by the judging body as identifying “a company enhancing local institutions and empowering people to assert their human rights through innovative initiatives and community engagement in decision-making processes.”
AFC, Africa's leading instrumental infrastructure solutions provider, initially supported Dynamic Mining with a US$10 million Early Works Facility (EWF) in 2019 for project pre-construction activities. AFC subsequently invested US$85 million in the project finance package for the implementation of the project which comprised of US$45 million in equity, US$15 million in mezzanine debt, and US$25 million in senior debt. AFC also arranged the senior debt facility totalling US$90 million with participation from AFC, the African Export and Import Bank (Afreximbank), and the Arab Bank for Economic Development in Africa (BADEA).
Among the deserving recipients, Dynamic Mining stood out, earning the award for demonstrating leading practices in community engagement, using transparent platforms that place project-affected communities at the core of project stakeholder management and actively working to enhance accountability mechanisms. At its Bon Ami Bauxite Project, Dynamic Mining has achieved compliant land acquisition and physical and economic resettlement compensations in a socially acceptable manner in the host communities and the project’s areas of influence through a collaborative project-specific grievance resolution mechanism. These initiatives have aided corporate sustainability goals and met lenders’ environmental and social due diligence requirements. The successful implementation with zero community-induced work stoppages reflects AFC's commitment to responsible practices, benefiting both the project and communities.
Commenting on the award, Manas Agarwal, Director at Dynamic Mining, said: “We are excited by this prestigious ESG Responsible Resourcing - Community Engagement Award. It is a recognition of our strong and collective commitments to the corporate sustainability stewardship tenets in mining, minerals and sustainable development. Inspired by our partners and lenders, this award is another motivation for us to continuously reflect on and improve our systems and practices in good corporate citizenship.”
Speaking about the Award, Executive Director & Chief Investment Officer Sameh Shenouda said: "We are thrilled and proud to witness Dynamic Mining receive the Responsible Resourcing Award for Community Engagement. This recognition reflects our shared commitment to sustainable practices and responsible resource extraction. Dynamic Mining's success underscores the positive impact that collaborative efforts and ethical initiatives can have on both the industry and the communities we engage with. We look forward to continuing this journey towards excellence together."
About AFC
AFC was established in 2007 to be the catalyst for private sector-led infrastructure investment across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.
Seventeen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 43 member countries and has invested US$13 billion across Africa since inception.
About Dynamic Mining SAS
Dynamic Mining, based in the Republic of Guinea, is focused on developing the Bon Ami Bauxite Project in Western Guinea. This integrated direct shipping ore bauxite mine and logistics export operation includes a surface mine with JORC (Joint Ore Reserves Committee) reserves of 106.1 million tons and a 9 million tons per annum production capacity. The project features a 50km haul road connecting the mine to its export terminal and barge loading operations, a river export terminal accommodating vessels up to 13,500 deadweight tons, and a barging and trans-shipment facility located 65km from the export terminal.
Media Enquiries:
Yewande Thorpe
Communications
Africa Finance Corporation
Mobile : +234 1 279 9654
Email : yewande.thorpe@africafc.org