Works on Deepwater port Kribi will be launched into two phases.
On September this year, the Gov Cameroon launched a bond issue of 200 billion FCFA to fund the structuring projects such as the DeepWater port of Kribi, the gas plant in Kribi (South), as well as the hydroelectric dams Lom Pangar (East) and Memvele (South).
The fund has been raised through the Douala Stock Exchange (DSX) and will be used to finance the above structuring projects.
Other sources of information I got, seems indicating that the bond issued will provide with some sort of breathing space to help support the 2010 budget, which is experiencing enormous difficulties in implementation (lower tax revenues, difficulties in customs to achieve its goals).
The head of state has finally signed a decree releasing the process. Other sources mentioned that the decree was passed by the International Monetary Fund (IMF), before finally landing on the table of the Minister of Finance, Essimi Meny.
This collection of public savings in favor of the state is prepared in the Ministry of Finance since 2006. The borrowing rate that we learned from the introduced source, should be higher than 4.25%.
To me, these operations seems to be in coordination with the current SDL events with the MOU signed with China for Rail & Port at Lolabe.
Phase 1: According to Kribi port project's calendar following the last steering committee on 29 July 2010, land and maritime technical equipment of the port sites were acquired in April this year, the drawing up of the technical file of accompanying projects, like access roads to the project sites, electricity and potable water, are ongoing and will end in November, 2010. Compensation of the affected population, the calendar shows, begins in August and they are expected to be relocated to new sites by October 2010.
In January this year, 14 containers containing equipment destined to start the foundation of the deep seaport were shipped to Cameroon to drill boreholes on the seabed in order to determine the depth and content of the seabed.
For the first phase of the project, construction of access roads to the sites is expected to span through September 2010 to March 2011 while the selection of private partners is expected to be finalised by December 2010.
It seems all preparation for phase 1 are in place, including the available fund to compensate the families. They are just waiting for a procedure (an administrative act / Presidential Decree) to compensate the families before they could trigger the work. According to the above article, they expect to start the work before 1 January 2011, meaning in less than 3 weeks from now.
Phase 2: The "Port project cargo" (port that will accommodate vessels that transport the building materials of the port complex) will, according to the schedule, completed in June 2011.
Work for phase 2 begins in mid 2011. The port will consist of six terminals: the construction of the multipurpose terminal (scheduled June 2012), and specialized port terminals (aluminum, alumina, oil, container, ore) are scheduled for completion in 2013. The commissioning of the multi-purpose terminal and the arrival of the first vessel is scheduled for late 2013. From 2014-2015, there will, as the timing, the commissioning of dedicated terminals.
Upon completion the project is expected to benefit the country in the exportation of its mineral products like bauxite, iron, cobalt and nickel as well as open a vast economic corridor for Cameroon, the Central African Republic, the Democratic Republic of ongo, Equatorial Guinea, Gabon and Congo, among others.
Hope this will help.
Cheers, Bigstar
SDL Price at posting:
38.0¢ Sentiment: Buy Disclosure: Held
