Guatemalan gold project gets financing

27 July 2004

The World Bank’s private sector arm, the International Finance Corporation (IFC), in June approved a $45 million loan to help Glamis Gold Ltd. develop a gold mine in western Guatemala. The mine is currently under construction and is expected to start production in 2006. The IFC said it will also help plan and implement the environmental and social programmes for the mine by working with the company, non-governmental groups and community leaders. Campaigners say that Glamis Gold has a “dismal record” on community rights.