Article in Cameron 30 April 2019
Interesting last paragraph:
Business inCameroon) - Cameroonian finance minister Louis Paul Motazé (photo) granted anaudience April 29 to Hervinder Singh, who leads international projects withinIndian steel giant Jindal Steel Power, in the presence of Guillaume Negou Tela,MD of Camina SA, Jindal’s subsidiary, and tax authorities.
Talks mainlyfocused on the evolution of the project as well as suggestions to tackletechnical issues encountered with the finance administration, to ensureeffective progress in works. They evoked tax incentives that will helpfacilitate carrying out the project; a project whose potential is yet to beofficially estimated.
As a reminder,Jintal has been operating the Ngovayang iron ore deposit for 5 years after itacquired the interests of Australian Legend Mining in the project for $17million. The project covers three licenses of about 2970 Km2. But,Jintal first wanted to acquire the Nkout iron ore project from British AfferoMining thanks to an exclusive agreement inked in 2012. But Affero finally soldthe license to IMIC, owned by Ousmane Kane who is a member of Affero’s Boardand former governor of the Central Bank of Mauritania.
Cameroon sees inNgovayang an opportunity to develop another world class iron ore project afterMbalam (3 billion tons spread across Cameroon and Congo), Nkout (2 billiontons) and mamelles de Kribi (661 million tons).
