usd 655 million multi purpose deep seaport

The world knows how big the potential of this really is...
The next FMG!

"This included a proposed 490 kilometer railway line between the projected port and the Mbalam iron ore project of The Cameroon Iron Ore Company controlled by Australia's Sundance Resources."

"June 28, 2008
China among interested investors for Cameroon port
Reuters reported that companies from China, Canada and Europe have expressed interest in investing in the building of a USD 655 million multi purpose deep seaport in south Cameroon that will serve major mineral export projects.

Mr Louis Paul Motaze Minister of Cameroon's Economy, Planning and Regional Development told Reuters that a Chinese company, China Harbour Engineering Co had shown interest in taking on the entire project. He said that other companies from Canada, Europe and Africa were interested in buying stakes in the port project whose initial cost was estimated at XAF 282 billion.

Mr Motaze said "We have been very encouraged by this enthusiastic response and from the way things are progressing I am now very certain construction work on the first phase will start in 2010 and the first traffic will flow through the port by 2013."

He said that the interested investors were insisting on build, operate and transfer arrangements for the project. They had requested more information and follow up meetings would be held before it was decided who the final partners would be.

Mr Motaze said the proposed new deep seaport near Kribi would be able to take much larger vessels and would be linked by road and rail to major iron ore, cobalt, nickel and bauxite mining projects under development in Cameroon's interior. This included a proposed 490 kilometer railway line between the projected port and the Mbalam iron ore project of The Cameroon Iron Ore Company controlled by Australia's Sundance Resources.

When completed, the projected port was also expected to serve as a major shipment point for tropical hard wood from south eastern Cameroon, northern Gabon and Republic of Congo."



Cameroon soon to Exploit Iron Ore at Mbalam

January 04, 2008
By Ben Nakomo
"Cameroon will commence, by mid 2008, to exploit Iron Ore in the region of Mbalam, in a project which is said to be of great economic importance to the country given its capacity to produce 35 million tons of iron ore per year over a period of 20 years. A taskforce charged with drawing up a memorandum of understanding that spells out modalities for iron ore exploitation in Mbalam in the East Province of Cameroon was installed in Yaoundé on December 6, 2007. The team of experts was commissioned by the Secretary General in the Ministry of Mines, Industry and Technological Development Oumarou Djike Saidou. The MOU to be signed in March 2008 between the government of Cameroon and two companies; CAMIRON and Sundance Resources Limited currently exploring the iron ore deposits will lead to actual exploitation of the mineral by the partner companies. The commision will study the legal, social and economic and environmental impact of the project. The Mbalam Iron ore project is important because of the economic gains. According to stakeholders, about 2000 jobs will be created. One billion, five hundred million Francs CFA shall be invested and four hundred kilometres of rail lines will be constructed during the course of the project."