Compagnie Miniere du Bafing S.A

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

Provision of a senior corporate loan of USD 30 million to Polynickel West Africa Holding B.V. ("Polynickel") to convert its temporary bridge loan into a long-term syndicated facility, used to finance the acquisition of a majority stake in Compagnie Miniere du Bafing S.A. ("CMB"), a leading nickel mining company in Côte d'Ivoire (the "Project"). The Project is sponsored by the parent company, CoreX Holding B.V. ("CoreX" or "Parent").

The EBRD loan forms part of a USD 180 million syndicated facility, provided alongside FirstRand Bank Limited, acting through its Rand Merchant Bank ("RMB") division, Absa Bank Limited ("Absa"), Mauritius Commercial Bank Limited ("MCB"), and Abu Dhabi Commercial Bank PJSC ("ADCB").

Project ID 57074

Status Disbursing

Location

Industry Sector

Natural Resources

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

nullinfo@corexholding.com
+31 (0)20 441 19 58
Professor W.H. Keesomlaan 5 1183 DJ, Amstelveen The Netherlands

Project ID 57074

Status Disbursing

Location

Industry Sector

Natural Resources

Notice Type

Private

Environmental Category

Approval Date

25 Mar 2026

Disclosure date

17 Jun 2026

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

Project Objectives

The Project will support the efficient and environmentally responsible operation of a high-quality nickel mine under CoreX's ownership, while CMB will benefit from CoreX's managerial and technical expertise in terms of operational optimisation and transfer of skills. The Bank's participation will support CMB and its broader network of contractors to embed robust environmental and social ("E&S") standards that exceed prevailing market practices.

Transition Impact

ETI score: 65

Competitive: The acquisition and subsequent integration into CoreX have been instrumental for CMB, with further improvements expected as CMB increasingly benefits from group-wide synergies, improved commercial efficiency, and stronger managerial oversight. The operation will also strengthen supply chain resilience of a strategic commodity while also set credible benchmarks for nickel development in the region.

Inclusive: CMB's integration into CoreX will drive a meaningful upskilling and reskilling effort, strengthening the company's human capital in the fields of health, safety and environment, corporate social responsibility, engineering and technical functions. These programmes go beyond standard E&S compliance and are designed to reinforce specialised technical expertise. Some of the trainings will then be cascaded to CMB's contractors, contributing to broader human capital development across the nickel mining value chain in Côte d'Ivoire.

Client Information

POLYNICKEL WEST AFRICA BV

Polynickel West Africa Holding B.V. is a limited liability company incorporated in the Netherlands and a wholly owned subsidiary of CoreX Holding B.V., a Netherlands-based international diversified conglomerate. Polynickel holds a 70% equity stake in CMB, with the remaining shares held by the Government of Côte d'Ivoire and the state mining company, SODEMI. CMB operates one of the largest and highest-grade nickel deposits globally.

EBRD Finance Summary

USD 30,000,000

Total Project Cost

USD 180,000,000

Additionality

EBRD's participation filled a funding gap while the Bank's longstanding relationship with CoreX and deep sector expertise provided reassurance to other commercial banks to participate in the syndication. In addition, CMB has been drawing on EBRD's expertise to support the identification, assessment and management of E&S risks, enhancing its operations in line with international best practice.

Environmental and Social Summary

Categorised B (ESP 2024). Environmental and Social Due Diligence ("ESDD") was conducted by an international consultant and included a site visit and documentation review. The ESDD identified various E&S risks and impacts at mine, as well as the requirement for enhanced E&S management provisions but has developed an Environmental and Social Action Plan ("ESAP") which will address such risks and impacts and substantially improve E&S performance. The ESAP has been agreed with the client. The Bank will monitor the Project through review of regular E&S reports and site visits as appropriate.

Mining activities commenced in 2018 and consists of two relatively shallow open pits of Foungbesso and Moyango, with an estimated life of mine of approximately 20 years. A third deposit within the mining permit, Viala, is situated northeast of the Moyango deposit and is expected to be developed no earlier than 2033. A 2016 Ivorian Environmental and Social Impact Assessment ("ESIA") covered the three mine sites, the associated 500 km ore transport corridor (use of existing roads) to the port of San Pedro, the temporary port storage and loading facilities, and 12 surrounding villages near the mine site. The mining operation is limited to excavation and export, with no processing or tailings storage requirements on site.

While the mine has in place an Environmental and Social Management System ("ESMS"), it lacks several critical components including formal risk identification procedures, an emergency preparedness and response plan, a stakeholder engagement plan and contractor management procedures. This will be addressed through ESAP as well as the need to strengthen E&S resources with training and additional staff familiar with international standards. CoreX is known to the Bank and has a good understanding of such requirements and the requisite capacity to implement the ESAP and address these management system requirements at the mine site.

The mine is compliant with Ivorian labour legislation, however, measures are required to meet EBRD ESR2 such as the introduction of a written Human Resources policy and a formal worker grievance mechanism. Gender-Based Violence and Harassment ("GBVH") prevention and response policies and management training are also required through the ESAP. Worker accommodation is provided on site for mine management, non-local workers and some contractors, and is compliant with the EBRD/IFC guidance. Working conditions for local and contractor workers require improvement and measures are currently being undertaken to address this.

Occupational Health and Safety ("OHS") is well managed on site and documented. An OHS Plan is in place covering regular risk assessments and occupational health surveillance programmes. The open pits are relatively shallow and mined entirely through mechanical processes without the use of explosives. Material Health & Safety ("H&S") risks do remain such as the absence of the emergency preparedness and response plan and community health and safety risks associated with road transportation. Ore from the mine is transported over a long distance (approximately 500 km) via third-party contractor trucks to the port of San Pedro for onward shipping and beneficiation. Basic requirements for driver training and GPS monitoring are contractual requirements however, adequate management and systematic monitoring of contractor H&S performance, incidents, or public grievances is required.

The mines' pollution risk profile is moderated by the absence of on-site ore processing or tailing storage facilities although there are stockpiling areas. Pollution impacts have been identified, however, such as improper management of water and hydrocarbons. Uncontrolled pit dewatering discharge has caused soil erosion and transport of sediment which requires the development of site infrastructure. A groundwater model and water balance monitoring also need to be introduced. Together with good practice improvements for the storage of hydrocarbons, pollution risks are considered manageable subject to timely implementation of the ESAP. Greenhouse gas calculations and a Climate Change Risk Assessment ("CCRA") to determine the potential impact of climate change on its operations and vice versa are further ESAP commitments.

Biodiversity baseline information is limited to studies undertaken as part of the 2016 ESIA, which did not assess impacts in accordance with EBRD ESR6. This includes the lack of identifying priority biodiversity features, critical habitats or the evaluation of ecosystem services. To align with ESR6, an updated biodiversity assessment, adoption of the mitigation hierarchy and the development and implementation of a Biodiversity Management Plan ("BMP") and Biodiversity Action Plan ("BAP") linked to progressive mine rehabilitation are required in the ESAP.

Land access for mining followed Côte d'Ivoire's Mining Code and land tenure system, resulting in temporary land acquisition for mining activities rather than permanent land take, with land to be returned following rehabilitation. No physical resettlement took place and compensation for affected landholders was paid for loss of agricultural land in accordance with national legal requirements, with no grievances related to compensation reported. However, no socioeconomic baseline assessment was conducted during the 2016 ESIA. Although an assessment cannot be retrospectively undertaken, the ESAP requires a livelihood restoration plan and support programme to mine-affected communities to reduce the communities' reliance on the mine for employment and other socioeconomic opportunities given the finite nature of the mine's operational phase.

There are 12 villages considered affected by mine operations. The mine engages with these and other stakeholders on a number of initiatives including anti-malaria campaigns. However, formalisation of stakeholder engagement as a risk management function is not developed. While community relationships are established and currently stable, stakeholder mapping including the identification of vulnerable groups is required through the introduction of a Stakeholder Engagement Plan ("SEP"). The existing community grievance mechanism requires formalisation to ensure accessibility, confidentiality, contractor inclusion and alignment with ESR10. No significant tangible or intangible cultural heritage impacts are expected nor are there indigenous people in the area of influence. Although no significant expansions of mining activities are expected during the course of EBRD's loan, any such expansions would be subject to appropriate E&S risk assessments.

Green assessments

Paris Agreement alignment

The Project is determined aligned with the mitigation and adaptation goals of the Paris Agreement based on the application of the EBRD's Paris alignment approach for directly financed investments.

The Project is aligned with the mitigation goals of the Paris Agreement following a specific assessment. The transaction relates to the acquisition of an existing nickel mining operation, with no associated capacity expansion or material change in the emissions profile. The assessment therefore considers the current emissions intensity of the asset, its position relative to industry benchmarks, and its ability to support a transition to lower-carbon operations over time.

Based on this assessment, the operation demonstrates a relatively low emissions intensity compared to industry peers, does not introduce new sources of emissions or long-lived carbon-intensive infrastructure, and presents limited risk of carbon lock-in. Residual emissions are primarily associated with mobile equipment and are expected to be progressively reduced as lower-carbon technologies become commercially viable.

The Project is consistent with the host country's climate commitments and does not undermine relevant decarbonisation pathways.

The Project is aligned with the adaptation goals of the Paris Agreement as identified physical climate risks have been assessed and are expected to be adequately addressed through agreed mitigation measures, and the Project does not adversely affect the climate resilience of the wider system.

Technical Cooperation and Grant Financing

None.

Company Contact Information

nullinfo@corexholding.com
+31 (0)20 441 19 58
Professor W.H. Keesomlaan 5 1183 DJ, Amstelveen The Netherlands

PSD Last Updated

17 Jun 2026

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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Compagnie Miniere du Bafing S.A

Overview

Project timeline

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Green assessments

Technical Cooperation and Grant Financing

Company Contact Information

PSD Last Updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)