The signing of an agreement with the Minister of Finance will allow the FOKOU group to transform 30 billion tons of pure iron .
In accordance with the requirements of the Mining Code in force in Cameroon , the Minister of Finance Alamine Ousmane Mey and the steel makers of Cameroon ("Les Aciéries du Cameroun") have signed a memorandum of understanding for the local processing of iron from the field Mballam in the region of west Cameroon . The signing of this agreement took place on January 18 in the presence of Prime Minister of Cameroon , Philemon Yang .
Under the terms of the memorandum , The steel makers of Cameroon ("Les acieries du Cameroun"), have committed to invest 30 billion FCFA for the installation of a factory rebar and other ferrous products .
According to the steelworks of Cameroon, the implementation of this assembly plant will create 12,000 direct and indirect jobs .
This agreement is part of the Cameroon Mining Code which requires local processing of at least 15% of mineral resources extracted from Cameroon basement. The iron ore Mbalam has a potential of 200 billion tonnes, according to official statistics . If we believe these statistics data, only 30 billion tons of iron will be processed locally .
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