Minara Community Foundation established

Media Release: Minara Invests in Future of Region

Embargoed Until: Tuesday, 25 September 2007 (5:30 pm WST)

The long-term future of the northern goldfields is brighter today thanks to the visionary approach towards community development by Australia’s second largest nickel producer, Minara Resources Ltd, by providing $1 million towards the establishment of the Minara Community Foundation in partnership with the Western Australian Community Foundation.

Michael Anderson, Chairman of the Western Australian Community Foundation (WACF) and Peter Johnston, Chief Executive Officer of Minara Resources Ltd (Minara) helped secure the future of the region at a signing ceremony, held in Historic Gwalia this afternoon.  Over 40 industry, government and community representatives were in attendance to celebrate the company’s innovative leadership.

By partnering with the WACF, Minara has demonstrated its long-term commitment towards the sustainable future of Leonora and surrounding communities.

The Minara Community Foundation (MCF) will support projects that provide:

- relief from poverty, sickness and misfortune;

- educational benefits;

- economic, social, cultural and heritage benefits;

- economic development, training and education opportunities;

- transport and communication services;

- programs and initiatives for future generations; and

- protection for Indigenous culture.

Minara has made an initial contribution of $1 million to the MCF.  In addition the company will commit an annual contribution of $250,000 per financial year over the next five years.

The initial contribution to the foundation will be invested with the annual contribution, plus a portion of the return on investment being made available as grants to the community.  The WACF will serve as Trustee for the Fund and oversee all governance, financial, legal and compliance matters including grant-making requirements on behalf of the MCF.

“Minara has established the Minara Community Foundation in partnership with the WACF for the long-term benefit of people in the Northern Goldfields region, and people in the wider communities impacted by our Murrin Murrin operations.  I would like to single out our aim to be of particular benefit to the indigenous people in the Northern Goldfields,” said Peter Johnston, Chief Executive Officer, Minara Resources Limited.

“Minara is to be congratulated for taking this ground-breaking step in building the capacity of their local community.  This unique and visionary approach towards community development ensures a long-term future for the northern goldfields,” said Tonia Swetman, Chief Executive Officer of the WACF.

“Partnering with the WACF is a wonderful example to other organisations wishing to redefine how they approach community support, particularly at this exciting time of resources success in WA.  The MCF model enables the WACF to relieve Minara of administration management and governance, whilst empowering the community to actively participate and contribute to their long-term future.  Ultimately, the WACF is able to support regional communities beyond the life of a company and its operations,” she said.

- On wacf.org.au

Sep. 27, 2007

 Tags: news

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