Project Context
14
BBOP Pilot Project Case Study – Ambatovy Project
2.3 Shareholders involved in offset design
Shareholders:
the Project is jointly owned by Sherritt Incorporated, Sumitomo Incorporated, Kores and
SNC Lavalin. Each partner has played an important role in the Project’s environmental programme,
including regulatory compliance, impact mitigation, risk management and design of a comprehensive
biodiversity offset programme. The Ambatovy vision, besides the goal of generating attractive economic
results, is to contribute significantly to the host country and to deliver outstanding safety, social and
environmental performance.
Government:
the general offset principle is captured in the MAP (see
Policy Context
section above) and
specific governmental entities have been involved in the offset design, including the Ministry of
Environment, Water, Forests and Tourism (MEWFT) and the Malagasy Forest Service, which have actively
participated in securing the proposed offset site at Ankerana via a community-led zoning process.
Lenders:
the Ambatovy Project is one of the largest capital investment projects in the world and it is
financially supported by a number of lender banks, most of which have adopted the
EQUATOR PRINCIPLES
.
Lenders includes the African Development Bank (AFDB), Export Development Canada (EDC), Export-
Import Bank of Korea (K-EXIM), the European Investment Bank (EIB), the Japan Bank for International
Cooperation (JBIC) and various commercial banks such as Société Générale and BNP Paribas. The
consideration of Performance Standard 6 in the Project’s Biodiversity Management Plan, including the
taxa-specific plans, reflects this.
NGOs:
environmental NGOs in Madagascar are aware of the offset concept and are encouraging the
Ambatovy Project to continue moving its offset programme forward in an effort to ensure
NO NET LOSS
on
biodiversity and, preferably, net gain. However, it is worth noting that some
STAKEHOLDERS
voice concerns
about the Project’s ability to deliver no net loss of biodiversity and are closely scrutinising the Project’s
offset initiative. Given this, the Project has been actively working to enhance its offset programme in
collaboration with NGOs such as CI, WCS and ERI (Eco Regional Initiative). A number of other NGOs
working with the Ambatovy Project on impact mitigation have also provided valuable input to the offset
design process (e.g.,
Groupe d’Etudes et de Recherche des Lémuriens
, Henry Doorly Zoo and its
Madagascar Biodiversity Program, Madagasikara Voakajy, Missouri Botanical Garden, Mitsinjo, University
of Antananarivo Biology department, the South African Institute of Aquatic Biology, WWF and others).
Local communities:
the Project continues to engage stakeholders, including local communities, to ensure
that any offset is compatible and integrated with regional and local land and resource management visions.
