Our Approach

URG has put sustainability at the core of its operating and economic model.

Combining the Government of Central African Republic (GoCAR) vision for national reconciliation and prosperity, and Oleum’s long-standing experience in the development sector, the URG management team has designed a comprehensive strategy to ensure the sustainability of its operations in CAR.

Our approach goes beyond compliance with international regulations, and focuses on achieving a meaningful, mutually beneficial engagement with national institutions and local communities by supporting CAR’s national Necovery and Peace-building Plan (NRPP), as set by GoCAR together with the UN, the World Bank and other international partners.

Sustainability Strategy

To ensure the long-term viability of its operations in country, the URG has designed a comprehensive Sustainability Strategy which will be reviewed and updated on a yearly basis.

As a state-owned initiative, the URG will align its activities with the NRPP, to ensure that foreign investments brought into the country benefit all people of CAR. Acknowledging the challenge of operating in a post-conflict environment, and recognizing the critical importance of building solid relationships with the country constituency, the URG management team has mobilized specialists from the aid and development sectors to advise and define SoPs on local community engagement methods.

In the short-term, the group will focus on ensuring inclusive and mutually beneficial cooperation with local communities while supporting central institutions in extending state administration in disenfranchised areas of the country, as per the NRPP. In the medium to long-term, the group will re-invest parts of its profits into the extension of public services delivery and economic growth across all communities of CAR, in coordination with international partners of the aid and development community.

At the local level, URG teams will work with local leaders and minority groups to understand local needs and priorities and together design responsive and context appropriate solutions. This will include investments in basic education and vocational training programs, healthcare and food security, infrastructure and access to local market places, as well as improved administrative services. Key positive outcomes will include local labor market stimulation, improved security and stability, food security, and extended access to public services – among others to be decided with the guidance of local populations.

Governance & Transparency

URG is a 50/50 Private Public Partnership between CAR and Oleum Partners.

Prior to incorporation, URG’s shareholders have worked with international law firms Reed Smith LLP in Paris France and HFW in Abu Dhabi UAE to conduct due diligence and ensure the highest degree of compliance with applicable laws and regulations.

The project timeframe is set to 25 years. It leverages initial private investments and is projected to reach financial sustainability after 5 years. Project dividends will be shared equally between GoCAR and Oleum, with 50% of yearly profits transferred to CAR after re-imbursement of initial investments.

URG is committed to support the Extractive Industries Transparency Initiative (EITI) and will provide investors and the general public with detailed financial statements, as well as updates on policies, processes, challenges and achievements against the following regulations and industry standards:

International extractive sector laws and standards:

The Kimberley Process Certification Scheme (KPCS) is a multi-lateral trade regime aimed at preventing the trade of conflict diamonds (diamonds that finance the undermining of legitimate governments). The scheme was established in 2003, pursuant to a United Nations mandate, and currently has 82 state participants, including both the largest importers and exporters of rough diamonds in the world.

Under the regime, participating states, and their citizens, may only trade in diamonds that have met KPCS requirements and have, therefore, been certified as “conflict free.” Diamond traders and miners are expected to implement the KPCS through:

1. The use of a system of warranties relating to origin of the diamond(s) in question;
2. The maintenance of detailed records;
3. The use of tamper proof packaging; and
4. By refusing to trade or handle diamonds that are not KPCS certified.

The key aim of these measures is to ensure that the provenance and journey of any diamond is traceable and that no proceeds stemming from it have been used to fund criminal or insurgent activity.

We take all necessary steps to ensure that we trade in diamonds that are KCPS certified in accordance with the measures detailed above.

Sector-specific laws and standards:
OECD Due Dilligence Guidance for Meaningful Engagement with Stakeholders in the Mining Sector
International Council on Mining and Metals (ICMM) (https://www.icmm.com/).