US: Mining anti-poverty plan gets $100 mn pledge

New York, July 7: Canada's Lundin Group pledged 100 million dollars to a mining industry initiative to fight poverty through former US President Bill Clinton's charitable foundation, the Clinton Foundation said.

The Clinton Giustra Sustainable Growth Initiative was started last month with initial commitments of 100 million dollars each from Canadian financier Frank Giustra and Mexican billionaire Carlos Slim.

The initiative includes projects in Colombia and hopes to expand to Peru, Mexico and other Latin American countries soon.

The Clinton Foundation said yesterday the Lundin contribution ''will be aimed, in large part, at approved projects in Africa, where the Lundin Group has significant mining, oil and gas interests.'' The mining sector has been taking steps to overcome its historic reputation for making profits at the expense of the environment and taking advantage of indigenous populations.

The Lundin Group includes Lundin Mining Corp and Tenke Mining Corp which operates in the Democratic Republic of Congo. Its philanthropic arm Lundin for Africa already operates in five African countries.

Reuters>