IFC had an active project with Nedbank involving a ZAR 1 billion loan equivalent to USD$139 million. According to IFC, the project aimed to facilitate Nedbank's longer-tenor lending programs for: i. black economic empowerment financing, resulting in significant ownership transfer to previously disadvantaged individuals and communities; ii. development and mortgage financing for the underserved affordable housing segment; and iii. cross-border corporate lending across Africa, including capital-intensive projects supporting sustainable economic growth.

One of Nedbank’s clients is AngloGold Ashanti, whose Guinean subsidiary, La Société AngloGold Ashanti de Guinée S.A (SAG), operates the Siguiri gold mine in Guinea. 

In April 2017, CAO received a complaint submitted by local community members neighboring the expansion of Siguiri's gold mine in Guinea with the support of the following civil society organizations: Centre de Commerce International pour le Développement (CECIDE), Les Mêmes Droits Pour Tous (MDT), and Inclusive Development International (IDI).

The complaint raises concerns about the failure to adequately compensate local community members and implement sufficient measures to restore their livelihoods following the resettlement process conducted by La Société AngloGold Ashanti de Guinée S.A. (SAG) in 2015, during the expansion of the Siguiri gold mine in Guinea into the region where the complainants formerly resided (Area One).

In June 2017, CAO found the complaint eligible and conducted an assessment. During the assessment, CAO visited Guinea and discussed options for addressing the complaint with the parties. The complainants and IFC’s sub-client, SAG, expressed their interest in meeting and exchanging information about the issues raised in the complaint, and to discuss the next steps.

In April 2018, the parties agreed to start a dispute resolution process and decided to keep the process confidential. The first joint meeting between the parties took place in July 2018 in Dakar, Senegal. During that meeting, the complainants presented their views on the social and economic impacts of their resettlement, providing SAG with their expectations for redressing the grievances raised in the complaint.

Subsequent meetings were held in October 2018 and February 2019, where the parties reached and signed agreements related to water and schooling, two of the issues in mediation. They further agreed to expedite the implementation of these two agreements collaboratively.

In May 2019, agreements encompassing compensation, livelihood, human rights, consultation, and information were reached between the parties. Subsequent agreements were reached in August 2022 concerning market and rental allowances, in October 2023 for a health post, and in February 2024 for roads.

In September 2024, the parties reached a final agreement during an in-person meeting in Coyah, Guinea. The agreement includes compensation for affected families in Area One and funding for a Sustainable Development Fund to enhance the community's livelihoods and living standards. Additionally, the parties also established a list of ongoing commitments to be fulfilled in relation to the interim agreements. CAO will monitor the implementation of the final agreement for two years.

A joint statement with the final agreement is available in English and French.