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Vol 51 No 9

Published 30th April 2010


CDC goes offshore

A mining company in which the British government is the biggest shareholder is using Mauritius-registered front companies to avoid paying millions of dollars in taxes on its mineral operations in Senegal and violating its own investment code. The CDC, formerly the Commonwealth Development Corporation, is owned by Britain’s Department for International Development; it has invested £10 million (US$15.25 mn.) in the Australian-headquartered Mineral Deposits Limited through its investment fund Actis. One board executive, James Murray Grant, is an ex-CDC executive. Mineral Deposits mines gold from the inland Sabodala region and ilmenite and zircon – used to make paints and abrasives – in a $400 mn. project on the Grande Côte north of the capital, Dakar.

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