Gold Project Gets World Bank Financing

Jul 10, 2004

GUATEMALA +++ Gold Project Gets World Bank Financing +++ The World Bank's private sector arm, the International Finance Corp (IFC), approved a $45 million loan to help Glamis Gold Ltd develop the Marlin 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 programs for the mine by working with the company, non-government groups and community leaders. Glamis Gold has a dismal record when it comes to respecting community rights at some of their proposed and active mine sites, and World Bank oversight may not be the answer to building amicable relations between the company and the community. Source: World Bank OKs loan for Glamis' Guatemala gold mine, Planet Ark, 07/01/04: http://www.planetark.org/dailynewsstory.cfm/newsid/25790/story.htm