2010 ANNUAL REPORT · to registered Canadian registered charities operating in Africa (or "qualified donees" as that ... Ghana), the West African Agricultural Investment Fund (based

LUNDIN FOR AFRICA

ANNUAL REPORT 2010

Handouts will not solve global poverty. But with your

generous assistance, Lundin for Africa will continue to

source, develop, and support (through a mixture of

grants and investments) innovative initiatives that

deliver sustainable economic benefits to Africa.

The Lundin for Africa Foundation is a Canadian registered charity and has a more limited mandate than the Lundin for Africa Society. The Foundation provides project-based grants to registered Canadian registered charities operating in Africa (or "qualified donees" as that term as defined in the Income Tax Act (Canada)). Charitable Foundation Number: 810625947 RR0001

Lundin for Africa, is a Canadian not-for-profit organization that funds projects in Africa

through a mixture of grants and impact investments.

TABLE OF CONTENTS 2010 AT A GLANCE 1

LETTER FROM THE CHAIR 3

PROFILE 4

Agriculture 4

Financial Services for the Poor 4

SME Investments and Technical Assistance 4

External Advisory Services 4

Memberships and Affiliations 4

GRANT PORTFOLIO 5

Community Markets for Conservation (COMACO) 5

IMPACT INVESTMENT PORTFOLIO 7

West Africa Agricultural Investment Fund (WAIFF) 7

MEDEEM Ghana 9

CORPORATE RESPONSIBILITY 11

Mauritania School of Mines 11

BOARD OF DIRECTORS 12

FINANCIAL STATEMENTS 13

Overview of Financial Statements 13

Statement of Financial Position 14

Statement of Operations 15

SUPPORT OUR WORK 16

Lundin for Africa – 2010 Annual Report

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2010 AT A GLANCE Grants Over the course of 2010, LFA supported 11 multi-year philanthropic initiatives in eight countries across Sub-Saharan Africa. With each of these grants, particular attention is paid to alignment with government priorities and active community contribution. We maintain a consistent focus on exit - ensuring that measurable and attributable impacts are sustained through effective project design and implementation.

Impact Investments LFA invested in three venture capital funds in 2010: the West Africa SME Growth Fund (based in Accra, Ghana), the West African Agricultural Investment Fund (based in Accra, Ghana), and the Central Africa SME Fund (based in Kinshasa, DRC). In addition to core financial metrics, each of these funds is equipped with technical assistance facilities and advanced development impact tracking systems. LFA additionally invested in MEDEEM Ghana in 2010, an innovative social enterprise offering a for-profit solution to the legal empowerment gap between informal land holding and formal land registration.

Corporate Responsibility During 2010, LFA supported the development and publication of inaugural Global Reporting Initiative compliant Sustainability Reports for both Red Back Mining and Lundin Mining. LFA also catalyzed a multi-stakeholder partnership to develop and finance an internationally recognized School of Mines to serve the growing labour requirements of Mauritania and the Sahel sub-region.

ACTIVE PROJECTS – 2010

COUNTRY ACTIVE PROJECTS

GRANTS IMPACT

INVESTMENTS CORPORATE

RESPONSIBILITY Agriculture

Financial Services For the Poor

Burundi 1

Central Africa 1

DR Congo 3

East Africa 1

Ethiopia 1

Ghana 4

Lesotho 1

Mauritania 2

Sudan 1

West Africa 2

Zambia 2

TOTAL 17 7 4 6


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CORPORATE RESPONSIBILITY

Initiatives

GRANTS

Ghana - CHF Partners

South Sudan - Women for

Women Mauritania - Le Centre de Protection

et l’Intégration Sociales des Enfants

Lesotho - CARE Canada

Zambia - COMACO

Ethiopia - Farm Africa

DR Congo - BDA Foundation,

First Step Initiative

Burundi - CFHI

IMPACT INVESTMENTS

MCM Hospital - Ethiopia

Agricultural Livelihoods – Ghana

School of Mines - Mauritania

Acumen Fund – Kenya, Tanzania,

Uganda, Rwanda West Africa SME Fund – Cote d’Ivoire, Ghana,

Senegal, Mali, Burkina Faso

West Africa Agricultural Investment Fund –

Ghana, Mali, Niger, Burkina Faso, Nigeria

MEDEEM – Ghana

Chiansi Irrigation Project - Zambia


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LETTER FROM THE CHAIR As the first decade of the twenty-first century closes, it is useful to reflect both on Africa’s recent successes and the challenges that lie ahead. The achievement of relatively high rates of economic growth across the continent is generally attributable to increased investment financed by high commodity prices, resource extraction, foreign direct investment (FDI) and inflows of other foreign resources, as well as improved governance and economic management. This relatively rapid growth has not, however, been accompanied by concurrent increases in employment. The 2008-2009 global financial and economic crises exacerbated the unemployment problem through their impacts on growth, export earnings, government revenues and foreign capital inflows into Africa. Of particular concern going forward is how to rapidly

generate stable and high-income employment to absorb the increasing number of unemployed among vulnerable groups - youth, women and the physically challenged. Our focus therefore, is to continue to support employment intensive, high-growth-rate initiatives that enhance structural diversification and reduce reliance on resource extraction as the sole engine of economic growth. Operationally, 2010 marked a milestone for the venture capital intermediary we established in West Africa. Injaro Investments successfully completed First Closings for both the West Africa Agricultural Investment Fund and SME Growth Fund. Both of these funds are investing actively in early stage agriculture / agribusiness companies with high growth potential. Lundin for Africa made an additional investment in MEDEEM Ghana, a for-profit social enterprise that provides a proactive and sustainable, process-driven solution to bridge the gap between informal land holding and formal land registration. Investing in secure property rights for the poor not only benefits the individual landowner, but also provides a solid foundation upon which to create and transfer wealth from one generation to the next, breaking the poverty cycle. Lundin for Africa also played a prominent role in mainstreaming corporate responsibility standards and reporting throughout the Lundin Group of Companies. Over the course of 2010, both Lundin Mining and Red Back Mining published inaugural GRI-compliant Sustainability Reports. Lundin for Africa also catalyzed an initiative and partnership to build an internationally recognized School of Mines in Mauritania capable of addressing acute skills shortages and labour market gaps across the Sahel sub-region. In closing, I would like to thank personally all of our donors for your generous support and look forward to continued success in 2011. Lukas H. Lundin Chair


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PROFILE Founded in 2005, Lundin for Africa (LFA) is the philanthropic arm of the Lundin Group of Companies, which has invested actively in Africa for over 35 years. Through a mixture of grants and impact investments, LFA supports innovative, high-impact initiatives across three inter-related dimensions: financial services for the poor, agriculture, and small- and medium-sized enterprise development.

Agriculture Historical evidence shows that it is agricultural growth, through its leverage effects on the rest of the economy, that typically enables poor countries, poor regions, and ultimately poor households, to take initial steps toward improved productivity and incomes. The importance of agriculture for poverty reduction goes well beyond its direct impact on rural incomes; agricultural growth, particularly through increased productivity, also reduces poverty by stabilizing and lowering food prices, increasing employment for the rural poor, and increasing the demand for non-farm goods and services.

Financial Services for the Poor Among the poorest segments of Africa's population, less than ten percent have access to formal financial services. Access to such services both reduces the vulnerability of impoverished families to setbacks and opens opportunities to increase income. With a view to supporting the development of innovative credit, savings, and insurance products to under-served rural and peri-urban populations, LFA supports the capitalization of micro-finance and insurance facilities, village savings and loans associations, and technical assistance in credit and portfolio management.

Small and Medium Enterprise (SME) Investments and Technical Assistance In developed countries, SMEs account for over 57% of employment and 50% of GDP. But in developing countries, they contribute only 18 percent of employment and 16 percent of GDP, respectively. Removing barriers to SME growth is critical to sustained economic development by providing jobs and income, expanding the middle class, broadening the tax base and ultimately decreasing poverty levels.

External Advisory Services LFA provides external advisory services (on a fee-for-service consultancy basis) in the areas of corporate responsibility (community investment strategy; standards and reporting) and country/ project risk assessment across the Lundin Group of Companies

Memberships and Affiliations LFA is a Founding Member of the Aspen Network of Development Entrepreneurs and the Global Impact Investing Initiative (GIIN). LFA is also a Member of the European Venture Philanthropy Association.


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Conservation Famers in the Luangwa Valley, ZAMBIA

COMACO employee packing bulk commodities for transport

GRANT PORTFOLIO Community Markets for Conservation (COMACO) PROGRAM COMACO has developed a business model to sustain solutions for poverty and hunger in ways that help drive conservation. It is not a conventional business in which profit considerations determine investment strategies. Instead, COMACO’s investments are aimed at the most down-trodden, least-skilled farmers who rely on natural resources, often destructively, as a way of coping with food and income shortages. Such investments seek to uplift these farmers with needed skills and inputs and a capacity to produce a food surplus for conversion into high-value commercial products. From the sale of these products, COMACO offers financial incentives for building farmer commitment to conservation. Put another way, it is a company that pays farmers for helping maintain a healthy ecosystem.

The returns on COMACO’s investments transcend short-term profits for longer-term social and environmental returns, and yet, COMACO must operate within a highly competitive market place and with enough cost-efficiency and product quality to gain market share. COMACO makes no apologies for operating with these appearances of a conventional company, provided it stays true to its core objectives of reducing poverty and hunger around solutions that also help protect land and natural resources. With its relatively high exposure to risks for opening new manufacturing venues in rural areas and transforming poor, unskilled and relatively uneducated farmers, COMACO is more vulnerable to failure than most companies. Because of its social and environmental agenda and growing track record, however, it has attracted financial support, which more profit-oriented companies would not attract, for helping cushion its fragile growth as an emerging, socially and environmentally-minded company.


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IMPACTS COMACO’s cumulative social and environmental impacts are summarized below:

COMACO farmer membership exceeds 45,000 families with a 51% membership by women and has grown from 4 chiefs to 34, covering an area of over 7.7 million hectares.

Annual household income for small-scale farmers, derived from COMACO’s support of inputs, skills and market opportunities, has increased by 120% to 220%, providing families with improved opportunities for education and health care.

Household food security has improved by 10-20% with increased diversity of food crops and improved food crop varieties that have improved commercial value

Over 60% of COMACO farmers adopt sustainable agricultural methods that result in reduced fires, planting agroforestry species, and increased carbon sequestration in soils.

COMACO has introduced ‘conservation dividends’, awarded to producer groups for best compliance to conservation practices

Since COMACO’s beginning in 2003, farmers have surrendered over 70,000 snares and 1900 firearms used to kill wild animals.

Despite the growing proportion of the total population who are COMACO farmers, arrested poachers are predominantly non-

COMACO farmers.

Establishment of Producer Group Cooperatives with significant female participation has contributed to improved community involvement and support of local COMACO management.

In parallel with these results, COMACO has consolidated its business efforts to achieve increased efficiency in product production and transportation and storage for higher volume commodity trading. Consistent with these efforts, sales performance has increased by 42 % with an improved sales/cost ratio. These results reaffirm the improved quality of its Wild! products and their popular demand by Zambian consumers. Continued efforts supported by required investments to maintain this business momentum will likely enable COMACO to reach commercial sustainability by the end of 2013. COMACO is rapidly growing into a self-financing company through a graduated process of investing in farmers, infrastructure, equipment and staff. The achievement of commercial viability will enhance both the scalability and replicability of the COMACO program both in Zambia and further afield.

Processed goods destined for sales at major retail outlets.


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IMPACT INVESTMENT PORTFOLIO

West Africa Agricultural Investment Fund (WAIFF)

Agriculture has a crucial role to play in the livelihoods of a high proportion of Africans – both as a source of food and income – and is an important potential contributor to growth and poverty reduction. Agricultural development allows farmers to increase yields for consumption or for sale, reduces exposure to crop failure through improved resistance to local stresses, and leads to reductions in the cost of food for all. The guiding theory of change behind the West Africa Agricultural Investment Fund (a partnership between Lundin for Africa and the Alliance for a Green Revolution in Africa) is that initiatives aimed at boosting the performance of SME seed companies and community-based seed systems are critical to sustained improvements in the socioeconomic conditions of the rural poor people they serve. It is important to emphasize that the final beneficiaries of any program investments in Africa’s seed system are the impoverished smallholder farmers. Success of these enterprises will result in improved market access by smallholder farmers to locally adapted and affordable seeds and, in turn, further result in increased productivity, improved food security, and ultimately reduced rural poverty. Currently, with the possible exception of certain commercial crops (i.e. cotton), the majority of West African agriculture is at a subsistence level, and most of the land is cultivated by smallholder farmers who continue, for the most part, to rely on saved seed or seed sourced through informal networks. These sources tend to be inconsistent in terms of quality, vulnerable to new pests and diseases and, while cheap, take up valuable land due to extremely low productivity. Fertilizer or chemical inputs tend to be wasted on this seed. Therefore, although the cost of inputs may currently be low, the cost per ton of output is exceedingly high, profitability is low and smallholder farmers are trapped in a cycle of low productivity, which prevents them from generating a marketable surplus. Improved seed varieties and other inputs (fertilizer and crop protection products) are imperative to the transformation of the agricultural sector from subsistence farming to small-scale commercial agriculture. However, this transformation will take time. Until small producers are linked to reliable input and output markets, they will hesitate to take the risk of investing in improved inputs.


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Improved sorghum hybrid in farmer’s field. Burkina Faso, October 2009

The attractiveness of strategic investments in the seed industry ultimately stems from the potential impact on food security, incomes, and environmental benefits through reduced land use and reduction in pesticide use. By some estimates, most crops in West Africa are realizing only 20% of their yield potential. Most of the deficit is due to biotic stresses—unsuitable and unfertile soils, drought—and the rest due to biotic stresses such as diseases, insect pests, and weeds. Plant breeding, better inputs, and improved agricultural practices will bridge the yield gap; seed companies contribute significantly to higher yields by developing and

distributing improved varieties that are suited to their country's particular agroecological conditions, and robust enough to tolerate stresses in areas where fertilizer, chemicals, and irrigation are often too costly or

unavailable.

Mme Coulibaly, CEO of Faso Kabo Seed Company in Mali, recipient of the Fund’s first approved investment in 2010.


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MEDEEM Ghana

Only a small percentage of the world’s poor receive legal recognition of their land holdings, especially where ownership is informal or based on customary forms of tenure. Without a recognized deed, title or lease, the poor cannot use their land to gain access to capital. MEDEEM provides a proactive and sustainable, process-driven solution to bridge the gap between informal land holding and formal land registration. MEDEEM is taken from the Ghanaian Twi phrase, "mi din mu" meaning "in my name." This simple phrase truly captures the intent of the program - to provide legal empowerment to the poor by formally connecting them to their land rights. MEDEEM is able to provide the poor with an affordable means to formalize their land rights by leveraging the efficiencies of GIS technologies with an innovative hybrid business model. Unlike typical “top down” land registration programs that have often failed to effectively serve the needs of the poor, MEDEEM utilizes a unique, private-sector led approach to drive change from the bottom up – one parcel at a time.

MEDEEM is structured as a for-profit, social impact business to ensure returns capable of supporting the growth of locally owned and managed, self-sustaining enterprises in each country that it operates. MEDEEM’s uniqueness lies in its methodology and approach which is driven by 5 core principles:

Affordability and Cost Effectiveness

Sustainability and Scalability

Strength in Partnerships

Building Human Capital with Locally Managed Operations

Economic Impact, Empowerment and Human Dignity

Medeem uses state-of-the-art GIS technologies and GPS equipment to efficiently and cost effectively survey land parcels at the accuracy required for formal registration.


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Parcelcert provides rural farmers with accurate measurements of their tillable land, enabling them to determine proper quantities of seed and fertilizer for optimal crop production and improved food security.

MEDEEM’s hybrid business model is structured to maximize social impact from its work with an opportunity for equity and profit participation for partners, management and employees. Having its core business operate on a basis of “responsible profitability” assures that all stakeholders have an increased incentive to operate the company both responsibly and efficiently, with a view toward long term, locally managed operations capable of perpetuating themselves without continual infusions of capital. In 2010, Lundin for Africa approved a patient capital investment to support MEDEEM’s operational growth in Ghana. Investing in secure property rights for the poor not only benefits the individual landowner, but

also provides a solid foundation upon which to create and transfer wealth from one generation to the next, breaking the poverty cycle. Providing a more secure and stable future, land rights can transform entire communities and lead to sustained economic growth and social progress.

10 Reasons to Invest in Securing Land Rights for the Poor

1. Secure land rights positively impact local economies by promoting investment and economic growth.

2. Secure land rights promote food security and increase food production. 3. Formalizing property rights of the poor creates access to capital and the ability to build

wealth. 4. Formalizing land rights empowers communities to demand basic services from their

government. 5. Secure land rights are central to human dignity and promote social and political stability. 6. Formalizing land rights of the poor improves global environmental stewardship. 7. Formal land registration encourages governments to improve infrastructure by aiding tax

collection. 8. Secure land rights for women improves their access to credit, political inclusion and

empowerment. 9. Developing a legal framework for land tenure resolves local disputes and reduces conflict. 10. Formalizing land rights for those at the bottom of the economic pyramid is key to

alleviating poverty in the developing world and essential for a peaceful and sustainable future.


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CORPORATE RESPONSIBILITY

Mauritania School of Mines

The mining sector in Mauritania currently employs 30,000 individuals and contributes 17.4 percent of national GDP. With the planned expansion of the Tasiast gold mine and issuance of 150 exploration permits, Lundin for Africa commissioned an initial labour market assessment in July 2008, with a view to ensuring maximum benefits accrue to Mauritanian nationals in line with the anticipated growth in resource extraction activities. This initial labour market assessment revealed significant skills shortages across three employment categories: vocational, technical, and engineering. A Memorandum of Understanding was signed with the Ministry of Industry and Mines in September 2008, after which a detailed feasibility study related to the establishment of a School of Mines in November 2009 was completed in partnership with Ecole Polytechnique de Montreal. In September 2010, a Final Implementation Plan was developed and agreed by the principal stakeholders of the project: Ministry of Mines and Industry, Red Back Mining (acquired in September 2010 by Kinross Gold), First Quantum Minerals, SNIM Foundation, the World Bank, and GTZ (German Technical Cooperation). With its official opening scheduled for November 2011, the School will have the capacity to train a cohort of 80 students annually at both the technician and engineering levels. Realization of this project has required a significant investment in technical assistance and capacity building across four key dimensions:

Curriculum development and localization

Recruitment and capacity building of instructors

Equipment and building specifications

Academic and Administrative Systems


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BOARD OF DIRECTORS LUKAS H LUNDIN, CHAIR Mr. Lundin currently serves as a Director of a number of publicly traded companies. He has a growing list of accomplishments, including raising hundreds of millions of dollars for exploration projects, and developing huge resource discoveries into production as principal of the Lundin Group of mining and oil and gas companies. Mr. Lundin balances out his abundant energy by participating in extreme sports such as the Paris Dakar motorcycle race, hiking Mount Kilimanjaro and extreme skiing. He combined his love for extreme sports with his global awareness of critical issues to make a positive impact in Africa by riding a motorcycle from Cairo to Cape Town in 2006, creating the Lundin for Africa Foundation in the process. As the visionary for Lundin for Africa, Mr. Lundin follows in the adventurous spirit of his father, Adolf Lundin, who was one of the first entrepreneurs to realize the multiple opportunities Africa presents. The Lundins have been working actively in Africa for more than thirty years. KEVIN CAMPBELL Mr. Campbell is currently a Managing Director of Investment Banking at Haywood Securities Inc, and focuses exclusively on advisory and finance in the mining sector. Mr. Campbell primarily works with corporations, whose assets are located in the developing world, including Africa. In addition, Mr. Campbell's own Lochmaddy Foundation, a charitable organization, pursues investments in both basic needs and livelihood programs in Africa, specifically concentrating on Mali at this time. Mr. Campbell also serves as a member of the "Promise a Future" cabinet of Plan Canada, which is one of the world's largest international development organizations. PAUL CONIBEAR Mr. Conibear is a professional engineer who brings to the Board of Lundin for Africa 25 years experience working on projects predominantly in under developed countries. Mr. Conibear is currently a Director of several Lundin Group companies, and headed Tenke Mining Corp.'s Tenke Fungurume Project in the Democratic Republic of Congo. Mr. Conibear understands the importance of Corporate Social Responsibility for international companies operating in developing countries, and brings insight into social development needs and the issues facing local communities. STEPHEN NAIRNE Mr. Nairne has served as Lundin for Africa's Managing Director since 2007. He is concurrently appointed as an Adjunct Professor at the University of British Columbia, where he teaches courses on Country and Project Risk Analysis in Developing Countries and African Political Economy, and is a Member of Canada's Scientific Committee on Failed on Fragile States. Prior to joining LFA, Mr. Nairne served as Deputy Director with Canada's Department of Foreign Affairs and International Trade's Pacific Office and as Senior Political Risk Analyst at Export Development Canada. He holds a Bachelor of Commerce degree from McGill University and a Master of Arts from the Norman Paterson School of International Affairs at Carleton University. He currently serves on the Advisory Boards of the Central Africa SME Fund, West Africa SME Growth Fund, West Africa Agricultural Growth Fund, and MEDEEM Ghana.


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FINANCIAL STATEMENTS

Overview of Financial Statements

The combined Statement of Financial Position and Statement of Operations and Changes in Net Assets/(Liabilities) for the years ended December 31, 2010 and 2009 have been enclosed in this annual report (all amounts expressed in Canadian dollars, unless otherwise noted).

Though their purposes are linked, the foundation and the society are distinct legal entities. For this reason, each entity has a separate set of books and undergoes an independent audit by Ernst & Young (E&Y), our external auditors. E&Y issued an unqualified opinion on the financial statements of each entity as of December 31, 2010, which are presented in conformity with Canadian generally accepted accounting principles (GAAP). Audited financial statements for the foundation and the society may be viewed in the Financials section of our website.

Although the entities have separate Audited Financial Statements, given their related purposes and our desire for transparency, we believe it is helpful to present information in a way that allows readers to understand the financial position of the two entities on a combined basis. For this reason, the Annual Report contains combined financial statements with appropriate eliminating entries.

As shown in the accompanying combined financial statements, the following are financial highlights as of December 31, 2010:

LFA has $3.74 million available for charitable activities, which is relatively unchanged from the 2009 balance of $3.43 million.

Total donation revenues were $3.8 million in 2010 (2009 - $4.9 million) which represents a decrease of 22% from the prior year.

Total investment income increased by 116% from the previous year.

The combined entities contributed $2.36 million in direct charitable activities during the year (2009 - $2.45 million).

The total funds managed by LFA during 2010 were $5,993,000 representing a decrease of $13,000 from the prior year.

Total administrative costs for the year were $377,192 (2009 - $322,712) which represents 6.3% of the total funds managed.

There is a $3.4 million commitment for future-year payments on already approved grants and an additional $4.8 million commitment for future year payments on impact investments. In 2011, we expect a total contribution for direct charitable activities of approximately $2.2 million with an additional $2.3 million expected to be invested in impact investments.

Ryan Torvik, Chief Financial Officer


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Statement of Financial Position (Expressed in Canadian Dollars)

Combined Combined Society Foundation Dec 31, 2010 Dec 31, 2009

ASSETS Current Cash and cash equivalents $ 681,164 $ 104,834 $ 785,998 $ 1,433,454 Accounts receivable 335,407 42,408 377,815 621,111 Donations receivable 1,450,180 - 1,450,180 - Marketable securities 706,740 415,199 1,121,939 1,372,722

3,173,491 562,441 3,735,932 3,427,287 Capital assets 698 - 698 344 Loan receivable 393,037 - 393,037 415,325 Venture Capital Funds 198,920 - 198,920 -

$ 3,766,146 $ 562,441 $ 4,328,587 $ 3,842,956

LIABILITIES Current Accounts payable $ 196,660 $ 63,427 $ 260,087 $ 235,797

NET ASSETS/(LIABILITIES) 3,569,486 499,014 4,068,500 3,607,159

$ 3,766,146 $ 562,441 $ 4,328,587 3,842,956

Commitments: LFA has committed to grants and impact investments totalling $8,189,526 (2009 - $10,544,057) payable from future donations. Disbursement of these grants is conditional on the recipients meeting certain criteria and providing certain supporting information.


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Statement of Operations

(Expressed in Canadian Dollars)

Elimination Combined Combined Society Foundation Adjustments Dec 31, 2010 Dec 31, 2009

Grants disbursed $ 1,781,894 $ 802,406 $ (224,791) $ 2,359,509 $ 2,453,535 Expenses

Accounting 13,793 9,195 - 22,988 14,155 Amortization 698 343 - 1,041 1,618 Bank Charges 3,583 380 - 3,963 6,701 Consulting and management fees - 2,500 - 2,500 - Legal 4,235 4,037 - 8,272 10,629 Memberships 15,816 - - 15,816 37,015 Office 16,125 14,247 - 30,372 28,419 Rent 53,708 11,393 - 65,101 63,000 Salaries 162,383 65,766 - 228,149 129,959 Sub-contracts - 319 - 319 - Telephone 5,730 828 - 6,558 4,347 Travel 55,368 8,842 - 64,210 47,366 Reimbursed expenses (46,392) (25,705) - (72,097) (20,497)

285,047 92,145 - 377,192 322,712

(2,066,941) (894,551) 224,791 (2,736,701) (2,766,247) Donations received 3,791,115 279,232 (224,791) 3,845,556 4,894,710

Excess/(deficiency) of revenue over

expenses 1,724,174 (615,319) - 1,108,855 2,118,463

Other income (expenses)

Venture capital funds establishment costs

(425,248) - - (425,248) (207,435)

Gain (loss) on sale of securities 183,030 (400,858) - (217,828) 5,750 Foreign exchange gain (loss) (54,118) - - (54,118) (45,943) Write-off of bad debts (20,000) - - (20,000) - Investment income 10,495 1,101 - 11,596 5,377

(305,841) (399,757) - (705,598) (242,251)

External Advisory Services

External advisory income 58,084 - - 58,084 21,418 External advisory expenses (91,353) - - (91,353) - Report consulting expenses (51,604) - - (51,604) - Reimbursed expenses 142,957 - - 142,957 -

58,084 - - 58,084 21,418

Fundraising revenues (expenses) Donations - - - - 192,295 Fundraising expenses - - - - (14,526)

- - - - 177,769

Excess/(deficiency) of revenue over

expenses 1,476,417 (1,015,076) - 461,341 2,075,399

Net assets balance – beginning of year 2,093,069 1,514,090 - 3,607,159 1,531,760

Net assets balance – end of year $ 3,569,486 $ 499,014 $ - $ 4,068,500 $ 3,607,159


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SUPPORT OUR WORK Donate Online

http://www.lundinforafrica.org/s/Home.asp - “Making a Donation”

Donate by Mail/Wire Transfer

When making a donation, kindly provide us with your contact details so that we can acknowledge and, where appropriate receipt, your generous gift.

For Canadian Donors:

Individual

Mail or Courier

Individual

Wire Transfer

Corporate

Mail or Courier

Corporate

Wire Transfer

Lundin for Africa Foundation 885 West Georgia St. Suite 2101 Vancouver, BC V6C 3E8

HSBC Bank Canada Vancouver Main Branch 885 W. Georgia St. Vancouver, B.C. V6C 3G1 Transit: 10270 Institution: 016 SWIFT CODE: HKBCCATT A/C Number: 270-182756-001 A/C Name: Lundin for Africa Foundation

Lundin for Africa 885 West Georgia St. Suite 2101 Vancouver, BC V6C 3E8

HSBC Bank Canada Vancouver Main Branch 885 W. Georgia St. Vancouver, B.C. V6C 3G1 Transit: 10270 Institution: 016 SWIFT CODE: HKBCCATT A/C Number: 270-245928-001 A/C Name: Lundin for Africa

For International Donors:

Individual or Corporate Mail or Courier

Individual or Corporate Wire Transfer

Lundin for Africa 885 West Georgia Street Suite 2101 Vancouver, BC V6C 3E8

HSBC Bank Canada Vancouver Main Branch 885 W. Georgia St. Vancouver, B.C. Transit: 10270 Institution: 016 SWIFT CODE: HKBCCATT A/C Number: 270-245928-070 A/C Name: Lundin for Africa (US Dollar Account)

Other Ways to Give

Securities

To make a gift of securities, please contact us at 604 689 7842 or email us @ [email protected].

http://www.lundinforafrica.org/s/Home.asp

mailto:[email protected]


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885 West Georgia Street Suite 2101

Vancouver, BC Canada V6C3E8 604.689.7842

[email protected] www.lundinforafrica.org

LUNDIN FOR AFRICA

mailto:[email protected]

Documents

2010 ANNUAL REPORT · to registered Canadian registered charities operating in Africa (or "qualified donees" as that ... Ghana), the West African Agricultural Investment Fund (based