major iron ore target at nkout in cameroon, page-22

- GJ could be next week at Cameroon to resume talks with Gov. officials for Mining permit and Mbalam Convention. The latter one is an important piece of work as SDL stated that "Cameroon Gov. committed to legislate fiscal/tax incentives necessary to ensure project is internationally competitive". Being the "first mover in the Iron Ore region" could give them favorable conditions during negotiation.

- The timeline of the last IP is more accurate than the previous ones. Notice the month periods associated with each proposed event (p.10), this tells me that GJ looks very confident for key objectives such as signing Mbalam convention and securing project financing terms. It could mean GJ may already know different JV partners but need to filter out the ones that could bring the most interests to SDL shareholders.

- I guess once they obtain mining permit and complete definitive engineering and reserve definition drilling, they would be in the position to provide with a definitive project development plan including a more accurate project cashflow analysis. Logically this will trigger an announcement of strategic JV partners and it could be in October.

Just found this article (French translation is not that good...), where Paul Biya wants results from his new PM as the presidential election will take place in 2011. He wants to improve the living conditions of Cameroonians, giving a boost to sites called "strategic" which experienced delays. One particular project that is well underway is the proposed deepwater port of Kribi...

http://www.jeuneafrique.com/Articleimp_ARTJAJA2583p038-039.xml0_

Appointed just last year, the Prime Minister does not communicate and receives little. It took away from scandals to build the image of a loyal man and safer. But, in Yaounde, prudence is sometimes considered excessive. Portrait.

He phrases, pace and very British reserve that the Cameroonian president, Paul Biya, like about his closest associates. The political world knows little Philemon Yang. Magistrate training, no network has spent a lot of time outdoors - including twenty years as ambassador to Canada - and has never been involved in the scandals. His name is not on any lists of "alleged economic criminals" who are moving under the cloak in Yaounde. Appointed a year ago, the English 63 years has so far shown almost erased. He has the rare verb is wary of the press and communicate a minimum of government action. It receives little in a firm whose doors were wide open traditionally. Philemon Yang is a Prime Minister as we like in Cameroon: discreet.

A new man, therefore, to occupy a position in which the image had been tarnished somewhat by the legal problems of the previous head of government, Ephraim Inoni. This has indeed been heard twice by the police (in April and July 2008) as part of the case Albatross, one of the most delicate issue before the court, on the diversion resulting from the purchase a presidential plane. Yang is also a loyal man, and of course, who took care to keep away from those circles where it evokes, without taboo, post-Biya.

Clearly, this graduate of the Ecole Nationale d'Administration and Magistracy (ENAM) did not have the charisma of the strong themes and a graduate of Stanford Musonge, chief minister from 1996 to 2004. He did not interpersonal Ephraim Inoni (2004-2009), who has spent many years as President where he has coordinated the intelligence services. Philemon Yang has moved into the building star with some of his followers, including Paul Ghogomu Mingo, an academic appointed chief of staff. Almost all of the team Inoni is still in place. Even Jules Doret Ndongo, Secretary General of the Prime Minister, has not been ruled out. Yet it is deemed close to Jean-Marie Atangana Mebara, which will be held in late July for his alleged involvement in the case of Albatross. "Philemon Yang takes the time to better understand the issues, calculates a familiar power. A pragmatist, he does not take the risk to lose the memory of the elders of the house. "Ultimately the prime minister could suffer from the sober and restrained, however, has encouraged its ascent. The presidential election will take place in 2011 and Paul Biya wants results.

Outstanding
Upon his arrival, June 30, 2009, Philemon Yang's mission was to end the inertia condemned by the head of state. It should also improve the living conditions of Cameroonians, give a boost to sites called "strategic" who knew of delays and serve them to retire hundreds of senior officials reached the age limit ... The list the backlog was long.

To put the Cameroonians to work, he chose the example. Arriving at the office at 7 am 30 each morning, he never leaves until very late in the evening. Tips from the firm are now monthly. The proposed deepwater port of Kribi is well underway. Efforts are made to reduce the lifestyle of the state. Authorities are audited and objectives set for them.

Critics argue, however that Philemon Yang failed to advance key policy areas such as the new national airline Camair Co., created by presidential decree in September 2006 on the ashes of the defunct Cameroon Airlines. The company is in its second general manager but has not made its maiden flight. "This is a difficult issue because it involves three ministries: Finance, Economy and Transport," says a senior official, who leaves and suggested that the government coordination is poor.

The hydropower project Lom Pangar announced for 2010 by Paul Biya, not progressing at the desired pace. Tenders for prequalification of construction companies for the dam have been launched, but much remains to be done.

The Comice agropastoral Ebolowa not do better, becoming, before they have occurred, the most expensive agricultural festival in the history of independent Cameroon. Announced by the President during his speech of December 31 last, the Comice will struggle to be held before the end of 2010, as originally planned.

Climate of suspicion
Magistrate, Philemon Yang is nonetheless excluded from the operation of fight against corruption. The files never leave the office of the Deputy Prime Minister for Justice, Amadou Ali, for landing at the legal adviser of the head of state, John FOUMAN Akame, who has the upper hand in the cleanup campaign.

Moreover, according to a former classmate of Enam, "inertia" and caution - considered excessive - the head of government are linked to the climate of suspicion aroused by hunting corrupt. Surrounded by colleagues that he did not choose, Yang does not have zeal to deal with financial issues at stake: "Better to be accused of incompetence than dishonesty, ironically one of his relatives.

While in Cameroon, the Prime Minister is reduced to the role of "facilitator" of government activity, and functions are often vampirized by the Secretary General of the Presidency, the true center of momentum of the executive. Yet according to a political scientist who wished to remain anonymous, "Yang could benefit the poor posture of the current" president a "Laurent Esso, weakened by the embarrassing affair Ngote Bibi [journalist detained after a complaint from Esso and died in prison last April 22, Ed], to assert its authority over the government's heavy.

The absence of strong heads in the team should facilitate his task. Philemon Yang will not have to cross swords with personalities of the caliber of former ministers Edouard Akame Mfoumou (Economics) and Benjamin Amama Amama (Public Service) who challenged the authority of his predecessors. That problem does not arise. However, many ministers are busy preparing for the future. Their future. But the president expects results. In Yaounde, the storm rages. Does he carry Yang? Not sure. Before the presidential press time, but only Paul Biya is master of his agenda. And he often takes his time to act.


Sorry (Bleach88), haven't got much time to update the Mbalam timeline but will do over this weekend.

Cheers BS

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SDL Share Price Projection (June 2010)
Mbalam Project Timeline

(always DYOR)