Reuters AlertNet Lite - Clinton mining anti-poverty plan gets $100 mln pledge

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Clinton mining anti-poverty plan gets $100 mln pledge

06 Jul 2007 20:29:41 GMT
Source: Reuters

NEW YORK, July 6 (Reuters) - Canada's Lundin Group pledged $100 million to a mining industry initiative to fight poverty through former U.S. President Bill Clinton's charitable foundation, the Clinton Foundation said on Friday.

The Clinton Giustra Sustainable Growth Initiative was started last month with initial commitments of $100 million 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 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. <LUN.TO> and Tenke Mining Corp. <TNK.TO>, which operates in the Democratic Republic of Congo. Its philanthropic arm Lundin for Africa already operates in five African countries.

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Last updated:Fri Jul 6 20:31:36 2007