Ghanaian-Australian Mines Limited

MIGA and the IFC have jointly assisted GSM Gold Ltd., a company registered in Luxembourg, in its mining investments in Ghana. The project will develop new gold mines at Iduapriem and explore another area in adjoining Ajopa in Western Ghana. MIGA has issued coverage for $9.85 million against the risk of war and civil disturbance. The total investment for the project is $71.6 million ($20.5 million of it contributed by the IFC). Gold is Ghana's second largest export the project after cocoa and is a major foreign exchange earner. The project is expected to increase Ghana's gold production by 10 percent, and annual exports are expected to be about $31 million. The project is projected to generate 320 jobs directly and to create spin-off employment benefits by helping to build up the local economic infrastructure.