"Iron ore deposits at Mbalam and Kribi???? Maybe Nabeba"
The article referred to 2 Iron deposits, one located at Mbalam (Est) owned by SDL and another one at "Les Mamelles" (Kribi region), owned by SinoSteelCam. Other Cameroon article for your information (french translation) Sunday, May 9, 2010 .... The period from 2004 to 2010 can be considered the golden age of the promotion of our mining and exploration. This period coincides with an international environment marked by rising exponential demand for mining products, is the continuity of the turn initiated in 2001 and 2002 respectively through the promulgation of a competitive and attractive mining code, and regulations there related. It is a milestone in the development process of the different indices and mineral deposits identified from surveys conducted from 1960 to 1990. Thus on the basis of evidence already known, the fundamental focus of the exploration industry in our area consists of mining bauxite deposits (Ngaoundal, Minim-Martap, Fon go-Tongo), iron (at Mbalam East, Mamelles Kribi), Nickel-Cobalt and Manganese in Lomi and prospects of Uranium (Poli, Lolodorf and Teubang-Voko-Salak), tin and tungsten Darla Mayo, gold (Batouri, Betare -Oya Bindiba, Ntem) Diamond Mobilong. Promotional activities undertaken by the participation of officials of the Directorate of Mines and Geology supported by Ministers at their various international platforms such as the annual summit on mining investment in Africa (INDABA) in Cape Town (Africa South), the Prospectors and Developers Association of Canada (PDAC) trade show in Toronto (Canada), have attracted our mining sector, a significant investment in exploration by the arrival of large operators mining countries (Africa South, Australia, Canada, USA, India, Dubai, China, South Korea, United Kingdom). To date, 87 exploration permits and 04 operating permit (01 for Ni-Co-Mn, 02 for marble, 01 for limestone) were awarded. ... Among the mining titles mentioned above the following projects are at an advanced stage:
- The Mbalam iron (Iron-Cam SA / Sundance Resources Ltd.) has proved reserves of pure iron and hematite very important. The feasibility study is underway on the review;
- Iron Kribi (SinoSteelCam) is a deposit that has been studies and that the updating is in progress by an intensive drilling;
- The diamond Mobilong (C & K Mining) in which it was revealed sizeable reserves, which should result in the medium term, an industrial operation;
- Nickel-Cobalt Nkamouna (Geovic Cameroon PLC) whose re-optimization of production processes and a reassessment of the prospects has helped highlight the largest deposit of Ni-Co globally. Construction of production infrastructure of the mine will start soon;
- The bauxite Ngaoundal, Minim-Martap (Cameroon Alumina Ltd). Intensive exploration has resulted in an improvement of reserves that were known for decades, but not near the sea, made such deposit unattractive to investors. It took the breakthrough of emerging growth and strong demand for raw materials for this deposit is the object of interest. A feasibility study was submitted by the holder of the mining and it is under review;
- Uranium Poli, Lolodorf and Teubang-Voko-Salak (Mega Uranium Corporation-Cameroon) that intensive exploration is being finalized by a drilling campaign which will end in June 2010. This intensive drilling campaign will allow a full assessment of these three prospects who, for now, give very promising results;
- The Golden Batouri, Kambel, Dimako, Ntem (African Aura Resources), Colomines (Kokam Goldex-Mining), which continues through intensive exploration drilling that will lead to the definition of more than 4 oz X1M gold resources.
All these projects will allow the medium term, an outbreak of the mining sector which, truly, will position itself as the engine of renewed growth.
The action of promotion and popularization of the above information sector was not only confined to the world. Thus, in cooperation with the World Bank, through a trust fund whose purpose is to strengthen capacity in the sector (production of mineral development strategy, audits of the mining cadastre, small mining and artisanal mine for good governance in the sector), the first mining forum in Cameroon was held from 27 to 28 May 2009 in Yaounde. This forum was attended by guests from African countries established mining tradition (Botswana, Ghana), experts from International Finance Corporation and World Bank, aimed to: (1) bring together experts from governments mining countries, industry and civil society to discuss strategies to implement a rapid emergence of a powerful mining industry and generator of wealth for the national economy, (2) identify problems in the sector Mines and Geology in Cameroon (3) allow the Cameroonian authorities to formulate a vision for the sector, drawing on experiences from other countries mining tradition.
Despite the traces left by the recent international recession, the government is committed to making geological and mining sector one of the pillars of the renewed growth for sustainable development. To do this, he introduced a package of measures to attract massive investment in that sector.
To this end, Cameroon has:
- A competitive and attractive mining code with numerous incentives;
- 60% of uncharted territory and thus offers opportunities for research;
- A very favorable geological setting for exploration (the Congo Craton, volcano-sedimentary series Birrimian age, the existence of a large area underground minerals and mineral resources are underutilized, etc. ..);
- The deployment of a policy of progressive development of infrastructures to facilitate the exploration, exploitation and processing of minerals.
So in this movement that is part of Cameroon in this anniversary year, to become a rotating platform of the mining industry in Africa.
In sum, the geological and mining sector in Cameroon augurs a promising future for its economy in 2035, is classified as emerging.
Cheers, BS
SDL Price at posting:
31.0¢ Sentiment: Buy Disclosure: Held
