Nedbank evaluates mining projects against the International Finance Corporation’s (IFC) (a division of the World Bank) Performance Standards, and Equator Principles. We take an integrated and risk-based approach to managing environmental and social risk relating to our activity as a financial services provider via Nedbank’s Social and Environmental Management System (SEMS). Key to this approach is compliance with the Equator Principles, an international voluntary framework aimed at ensuring a consistent approach to managing environmental and social risks in project and corporate financing.
The IFC’s Performance Standards require potential financiers to perform, inter alia, a detailed environmental and social review on mining projects using the services of experts. Nedbank’s approach was to appoint an Independent Technical Consultant (ITC). The ITC’s final report contained no flaws in any aspect of environmental or social compliance relating to the Ghaghoo Diamond Project