World bank eyes $1bn African resource mapping fund in July

The World Bank wants to launch a $1 billion fund in July to map the mineral resources of Africa, using satellites and airborne surveys to fill geological gaps across the continent where a lack of adequate data hampers mining investments.The World Bank has committed $200 million to the five-year fund, and was meeting with mining companies and governments from sub-Saharan Africa who have expressed interest, a senior bank official told Reuters on Wednesday."Times are tough, so the mining companies are counting their pennies, but there is a lot of interest because it is exactly when commodity prices are low and the companies are reducing their investment budgets that having the information to guide their priorities is valuable," said Paulo de Sa, senior manager at the World Bank's mining unit.De Sa met with 10 mining companies on the sidelines of an African mining conference, including Rio Tinto and Ivanhoe Mines, who were interested in the fund.