July 6, 2007
Friday
Jul 06
2007

Press Release: Lundin Group Commits $100 Million to Clinton Giustra Sustainable Growth Initiative

New York
Press Release

Vancouver's Lundin Group Commits $100 Million to Clinton Giustra Sustainable Growth Initiative. 

Vancouver-based Lundin for Africa, the philanthropic arm of the Lundin Group of Companies, has pledged $100 million to the Clinton Foundation's recently announced Clinton Giustra Sustainable Growth Initiative (CGSGI), which is aimed at alleviating poverty and building sustainable local economies in developing countries. The Lundin for Africa commitment will be aimed, in large part, at approved projects in Africa, where the Lundin Group has significant mining, oil and gas interests.

The contribution, announced today by former President Bill Clinton, matches the $100 million individual donations made by Canadian mining financier Frank Giustra and Mexican businessman Carlos Slim when the initiative was launched last month in New York.

"When Frank Giustra brought forward the idea of having the world's mining sector pull together in support of alleviating poverty and building sustainable local economies in developing countries, I knew it would only succeed if the industry was serious about being actively involved," said President Clinton. "Today's generous support by the Lundin Group is to be applauded because it demonstrates the potential of this global initiative to capture the imagination and support of the mining sector. The fact that more and more companies are joining us gives me confidence that while we've only just begun, we're headed in the right direction."

Giustra added that he expects the CGSGI to complement the aid work Lundin for Africa is already carrying out in five African countries.

"The Lundin contribution sends a strong signal that the resource sector is prepared to step up and take the initiative off the drawing board and turn it into a reality for developing countries around the world," explained Giustra. "Like each of the more than two dozen mining sector companies that are now aboard, the Lundin Group recognizes that we can accomplish even more together. That will be the key to our success in the months and years ahead."

CGSGI will focus on alleviating poverty in the developing world and build on the Clinton Foundation's successful record of implementing and scaling-up development initiatives in other countries. The Clinton Foundation will act as the implementing partner, bringing together key stakeholders from the natural resources sector as well as the business community in the developing world. Participating companies from the mining industry will have a key role in CGSGI.

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