For economic and environmental reasons, French firm Eramet stopped developing the Akonolinga rutile project in October 2023. The Cameroonian government is now looking for new ways to exploit it.
Cameroon's Société Nationale des Mines (SNM) is seeking a partner to restart the Akonolinga rutile project after France's Eramet exited the project a year ago. SNM’s managing director, Serge Boyogueno, said forming a joint venture is one option.
"SONAMINES and the partner will have shares agreed parties according to their financial and technical capacities and will share the profits in proportion to their shares. For this specific case, several strategies also exist to finance SONAMINES' counterpart in the joint venture" Business in Cameroon reported.
Eramet worked on the Akonolinga deposit for four years before deciding it was unprofitable and posed environmental risks. To address these challenges, Cameroon is exploring options such as reducing the project's size and initial investment.
“We're going to resize the project and see how we can get 10,000 tonnes of ore out of it per year with a smaller company," said Acting Mines Minister, Fuh Calistus Gentry, last October.
With an investment of €180 million (around $200 million), the Akonolinga project could produce about 350,000 tonnes of rutile annually over five years.
Emiliano Tossou
Flutterwave secures Nigerian banking license to offer credit and savings License enables direct d...
BCEAO mandates all financial institutions to complete integration Move aims to ensure seamless, i...
This week, Africa’s health outlook is shaped by mounting supply chain risks tied to global tensions,...
A $147M Novastar Ventures fund backed by major Japanese firms offers co-investment rights int...
EBID aims to allocate nearly 41% of its commitments to environmentally and socially impactful projec...
29 African currencies weaken amid Middle East war, oil surge Rising import costs, debt pressures fuel inflation, food risks Institutions urge...
M-PESA evolves into major financial platform with 35 million users Telecoms, fintechs expand into banking, intensifying competition with...
Government suspends non-essential foreign travel for ministers and senior officials Brent crude at $115 far exceeds $62 budget...
Government plans N$78 million ($4.6 million) to expand telecom access in underserved areas Funds will support new towers and public Wi-Fi in...
Sungbo Eredo, located in southwestern Nigeria near the Yoruba town of Ijebu-Ode, stands as one of the most remarkable yet overlooked monuments of...
“Dodji, l’Archet Vodoun” is a documentary about reconnecting with ancestral culture to understand one’s origins, following an initiation ceremony that...