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African Press Agency
Cameroon - Raw materials

Cameroon poised to start exploiting Mbalam iron ore in 2012

APA-Yaounde (Cameroon) Cameroon will start exploiting its Mbalam iron ore (east) which has 2400 million tons of iron and is the world’s 4th iron reserve and Africa’s second, as of 2012 for a 25-year duration.

This announcement follows the signing of a master agreement between Cameroon and the Australian company, Sundance Resources Limited.

The firm gave the state a 25% participation of its capital in the business, including none-contributory 10% shares.

The total exploitation cost of this ore is estimated at US$330 million.

It will require the construction of 490km railway connecting the area to the Atlantic Ocean coast, the creation of a deep water port in Kribi but also the installation of a low-grade iron ore enrichment unit.

According to the general manager of Sundance Resources Limited, Don Lewis, "the current international financial crisis should not obstruct the project, even though it fairly changes its financing system".

http://www.apanews.net/apa.php?page=show_article_eng&id_article=84204