Articles, page-18

Main Points:

1. First Iron Shipment Planned:
   

• Cameroon Mining Co (CMC), the company managing the Mbalam-Nabeba mine in Cameroon, is preparing to ship its first load of iron.
• The target is to begin shipments in September, from Mbalam (southeast Cameroon) to the port of Kribi, about 600 km away.

Timing Near Presidential Elections:

• Although CMC denies any political motives, the shipment coincides with Cameroon’s presidential election scheduled for October.
• President Paul Biya, expected to seek an eighth term, has made mining sector development a national priority.

Cross-Border Project Challenges:

• The Mbalam-Nabeba project spans Cameroon and neighboring Congo, but has faced years of delay.
• It was previously held up due to legal disputes with Australian firm Sundance Resources, which lost its concession in 2021.
• Sundance is now seeking $5.5 billion in damages through international arbitration at the International Chamber of Commerce in Paris.

New Ownership and Scale:

• After Sundance’s exit, the project is now managed by CMC, which is majority-owned by Chinese investors through a Singapore-based holding, Coconut Logic.
• Coconut Logic also owns the Congolese side of the project via its subsidiary Bestway Finance, led by businessmen Alexandre Mbiam and Cédric Ketchanga.
• The initial shipment is expected to carry 400,000 to 500,000 tonnes of iron ore.