Objective: to promote the economical development of the Pyrite Belt

By
mof
– August 30, 2011Posted in: news

IBERIA RESOURCES CORPORATION AGREES TO THE CONSTITUTION OF THE HISPANIA ROMANA FOUNDATION

Objective: to promote the economical development of the Pyrite Belt

Madrid, August 29, 2011

The administration council of the Iberia Resources Corporation agreed this week to the establishment of the Hispania Romana Foundation.

The agreement was adopted by the proposal of the promoter of the project, and representing member of the Iberian Resources Corporation partner.

The patronage will be presided by Mr. Pascual Montanes Duato (President of the Castilla del Oro Foundation of Panama) and is intended within it, the incorporation of relevant personalities of the economical and cultural areas.

The purpose of the Foundation is to promote the economical development, technological innovation, and cultural development of the Pyrite Belt.  The Foundation will be an instrument (joined by others such as the Castilla del Oro Foundation in Spain, presided by Cristobal Colon de Carbajal, and the one in Panama, presided by Pascual Montanes Duato) by which the company will contribute to the sustainable development of the area.

The financing will be provided by the company.  In this sense, the Foundation will be a channel through which the company will canalize part of the resources committed for the fulfillment of their social responsibility (third generation social responsibility).  The company has the compromise to destine to such activities an approximate of 5% of its investment and about 2% of its exploitation incomes.  However, nowadays, significantly higher amounts are dedicated to such ends.

The Foundation (in the process of being constituted) is already working in a project for local business development.  The coordination work with the local administrations and social agents is being done.  A program is being designed.  The project includes the most diverse areas like agriculture, mineral waters, tourism, environment, and others.  It is intended to start the execution around mid 2012.  The project is based on the same methodologies of the economical reactivation programs being developed in other countries as a part of the processes of industrial restructuring.  The team working on them has an experience of over six years in the management of similar projects.

Other projects are also being worked.  Particularly, a contest of entrepreneurs is being prepared. The contest will be international.  It will be broadcasted via television (with the collaboration of VTV) to all Latin America, and via adinettv, to the rest of the world.  The first prize will be the financing of the winning project.

The mining sector is characterized for generating a strong pole of development with a limited time frame, which historically ends with the closing of the mining activity and the loss of the economical activity of the area.  For this, it is precise that the mining company assumes from the beginning, the obligation to generate with the mining activity, other economical activities that contribute to the economy after the mining activity has ended.

In Panama, Petaquilla Minerals formed the Petaquilla Foundation and the Castilla del Oro Foundation of Panama, which have successfully promoted the notable development of the tourist activity of the central provinces of Panama.  In Spain, the Iberia Resources Corporation has formed the Castilla del Oro Foundation of Spain, and now the Hispania Romana Foundation, with the objective to promote other economical activities (agriculture, environment, energy and others).

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