• Five local banks to mobilize CFA41.2bn ($74.4m) for Grand-Zambi mine
• Funding to be refinanced through BEAC’s “Window B” for productive sectors
• Project targets 1.3 million tons of iron concentrate annually for export

G-Stones Resources, developer of the Grand-Zambi iron ore project in southern Cameroon, is set to receive total financing of CFA41.2bn (about $74.4m) from a consortium of five local banks: Afriland First Bank, CBC, CCA Bank, BGFI Bank and UBA.

Under the announced terms, the funds will be refinanced through the special facility of the Bank of Central African States (BEAC), known as “Window B,” which is dedicated to financing productive-sector projects across the CEMAC region (Cameroon, Congo, Gabon, Equatorial Guinea, Chad and the Central African Republic).

The activation of Window B was approved during BEAC’s Monetary Policy Committee meeting held on December 15, 2025 in Yaoundé. However, the central bank has set conditions for access to the refinancing.

“The mobilization of this facility will be subject to the following conditions: the prior or simultaneous completion of self-financing, to be increased from CFA26,723m to CFA27,500m; and a written commitment by the borrower to allocate the funds exclusively to the construction and commissioning of an iron mine in Grand-Zambi,” the committee stated.

Afriland Leads the Syndicate

Afriland First Bank, acting as lead arranger, will provide CFA16.5bn. BGFI Bank Cameroon is expected to contribute CFA8.1bn. UBA and CBC will provide CFA6.6bn and CFA5.7bn respectively, while CCA Bank would contribute CFA4.1bn.

The CFA41.2bn package represents 60% of the total estimated project cost of CFA68.7bn, excluding working capital needs estimated at CFA7.9bn.

Controlled by Cameroonian billionaire Dieudonné Bougne, G-Stones Resources S.A. holds a 14-year mining permit for the Grand-Zambi deposit. Official reserves are estimated at 150 million tons, with an average grade of 29.45%.

The financing is expected to support annual production of 1.3 million tons of iron ore concentrate for export. The company says it already has 600,000 tons of raw ore stockpiled on site, from an open-pit operation, awaiting processing.

Kribi Exports Await Dedicated Mineral Terminal

Exports of processed cargo have been anticipated since 2025 via the deep-sea port of Kribi, which does not yet have a dedicated mineral terminal.

Port officials maintain that existing terminal facilities can handle the initial shipments.

“We recently commissioned the second container terminal at our port, which has tripled capacity over seven years. We are therefore ready to handle G-Stones’ first shipments,” said Patrice Loumou, head of strategy and industrial development at the Kribi Port Authority. He was speaking on May 15, 2025 in Douala during a debate on “Cameroon’s mining sector: economic stakes, local processing and benefits for communities.”

Brice R. Mbodiam, Business in Cameroon