Africa Finance Corporation’s (AFC) investee company, Dynamic Mining SAS, has been honored with the Community Engagement award at the Responsible Resourcing Awards, presented during the recent African Mining Indaba in Cape Town.
Now in its third year, these awards acknowledge initiatives that promote sustainable mining and positive Environmental, Social, and Governance (ESG) practices, highlighting the dedication of junior miners to advancing responsible mining by prioritizing environmental protection, community support, and ethical industry practices.
The award presented to Dynamic Mining was praised by the judging panel for its innovative initiatives and community engagement in decision-making processes, empowering local institutions and individuals to assert their human rights.
AFC, a leading provider of infrastructure solutions in Africa, initially supported Dynamic Mining with a US$10 million Early Works Facility (EWF) in 2019 for pre-construction activities. Subsequently, AFC invested US$85 million in the project finance package, comprising US$45 million in equity, US$15 million in mezzanine debt, and US$25 million in senior debt.
Additionally, AFC arranged a senior debt facility of US$90 million with participation from AFC, the African Export and Import Bank (Afreximbank), and the Arab Bank for Economic Development in Africa (BADEA).
Dynamic Mining’s achievements highlight the positive impact of collaborative efforts and ethical initiatives on both the industry and the communities involved. The company was recognized for its leading practices in community engagement, utilizing transparent platforms that prioritize project-affected communities and enhance accountability mechanisms.
At the Bon Ami Bauxite Project, Dynamic Mining has successfully implemented land acquisition, resettlement compensations, and grievance resolution mechanisms in a socially acceptable manner, meeting corporate sustainability goals and lenders’ environmental and social due diligence requirements.
Manas Agarwal, Director at Dynamic Mining, expressed excitement over the award, emphasizing the company’s commitment to corporate sustainability stewardship in mining and sustainable development.
Executive Director & Chief Investment Officer Sameh Shenouda echoed this sentiment, expressing pride in Dynamic Mining’s recognition and reaffirming AFC’s dedication to sustainable practices and responsible resource extraction.
Overall, Dynamic Mining’s success underscores the transformative potential of collaborative efforts and ethical initiatives in driving positive change within the industry and the communities it serves.
