SPI Web Site v1.1
IFC - International Finance CorporationIFC - International Finance Corporation -- » Creating Opportunity...

Eurasian Minerals Inc.

Environmental & Social Review Summary

This Environmental and Social Review Summary is prepared and distributed in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board of Director’s decision. Board dates are estimates only.
Any documentation which is attached to this Environmental and Social Review Summary has been prepared by the project sponsor and authorization has been given for public release. IFC has reviewed this documentation and considers that it is of adequate quality to be released to the public but does not endorse the content.
Project number 27409
Country
Haiti(IDA)
RegionLatin America and the Caribbean
SectorCopper
DepartmentGbl Infrastructure & Natural Resources
Company nameEurasian Minerals Inc
Environmental categoryB
StatusActive
Date ESRS disclosedDecember 8, 2009
Last Updated DateFebruary 9, 2012
Previous EventsInvested: March 12, 2010
Signed: February 19, 2010
Approved: January 13, 2010
View Summary of Proposed Investment (SPI), click here

OverviewCategory & Applicable StandardsKey Issues & MitigationCommunity EngagementsClient's Documentation

Overview of IFC's scope of review
IFC’s Environmental and Social (“E&S”) due diligence for the proposed equity investment in Eurasian Minerals Inc. (“Eurasian”, “EMX” or the “Company”) has been conducted at both corporate level and project level. An environmental specialist and two social development specialists undertook an appraisal of the projects in Haiti and Turkey and interacted with the Company’s consultants and management team on the project details, development plans, the environmental and social baseline studies, consultation conducted to-date, and any updates required thereafter.

IFC staff carried out a detailed, 5-day E&S appraisal visit in June 2009 of the three main exploration properties in Haiti: La Miel, Gran Bois and Treuil. The second part of the appraisal consisted of a 4-day visit in July 2009 of the two main exploration sites in Turkey: Sisorta and Akarca. Additionally, discussions took place from July to September 2009 with Eurasian senior management and its joint venture (“JV) partners to discuss how best to implement the Environmental and Social Action Plan (“ESAP” or “Action Plan”).

The key objectives of the visits and meetings were to:
Assess compliance of exploration activities with IFC requirements;
Agree on an ESAP that reflected the Company’s business model and finalize an agreed implementation schedule;
Taking into account that EMX is working as a minority partner under separate joint venture agreements with different companies for different projects, assess next steps required for EMX and each respective partner for further exploration work and potential future mine development; and
Work with EMX to explore and define potential mechanisms through which IFC E&S standards may be met under such joint venture arrangements.

The focus of the appraisal was on a preliminary E&S assessment and review of available E&S data for the various sites, the adequacy of documentation (including initial results of exploration works such as trenching, drilling and geophysics, as well as E&S policies and management systems), and the identification of any gaps and actions necessary for EMX to meet the requirements of IFC’s Performance Standards. Much information has been provided by EMX since 2006, allowing IFC to undertake a detailed review of key strategic documents and corporate policies.

During the appraisal, and in subsequent discussions with Eurasian senior management and JV partners, the IFC team highlighted the need to address future challenges early on, especially with regards to community relations, as the various projects progress through exploration works to potential development of mining operations. Eurasian’s Health, Safety, Environment, Community and Labor (“HSEC/L”) management, organization, and systems at the country level were examined and discussed extensively, as well as how current JV partners manage HSEC/L issues, with a focus on how to progress on the most advanced projects (Gran Bois and Sisorta). These discussions included policy and staffing requirements for Eurasian’s HSEC/L corporate function, and the development of adequate environmental, safety and social capacity with current JV partners at the country level to manage exploration activities as they expand. Eurasian has agreed to further develop the initial systems-based approach to comprehensively address HSEC/L management and on-going relations with stakeholders.
Project description
Eurasian Minerals (EMX.V) is a Toronto-listed, Vancouver-based minerals exploration company working on a diverse portfolio in multiple locations (Haiti, Turkey, Kyrgyzstan, Romania, and reviewing prospects in other locations). The company strategy is to acquire prospective ground, generate targets, and then farm out the exploration to others (i.e. a JV partner) in return for cash, retaining (carried) interest, or net smelter return. The JV partners that EMX is currently working with are established mining companies Newmont (USA), Centerra (Canada) and Chesser (USA). Current and planned exploration activities mainly comprise initial exploration reconnaissance (with drilling to follow as warranted by reconnaissance results) by Newmont in Haiti at Gran Bois and La Miel, and continued surface drilling in Turkey at Sisorta by Chesser and at Akarca by Centerra. On other properties in Haiti and other prospects in Turkey, EMX will continue to undertake the mapping, soil sampling and trenching activities. EMX anticipates significant exploration efforts on its Haiti properties in the near term, and hence IFC has focused its due diligence on these properties.

Eurasian’s projects and/or the projects in which Eurasian has a minority interest are all in their early stages and the most common activities consist of geological mapping, soil sampling and trenching activities, small infrastructure, and in some cases of further exploration drilling, as well as the completion of pre-development studies. Therefore at this time it is not certain or possible to tell if any of the projects will actually proceed to mine development. Eurasian Minerals holds interests in other prospects, but these other prospects are either at a very early stage or effectively put on hold with limited or no current impacts. Eurasian’s projects in Kyrgyzstan are currently on hold.

The Treuil and La Miel properties are in the planning stage and are Newmont designated projects where only exploration level work is being done. The parties are seeking approvals for a Mining Convention and permits for drilling, but current activities are limited to reconnaissance with minimal surface disturbance up to and including trenching.