• Mining contributes just 1% to GDP but is poised to surpass oil as a key growth driver

• Projects like Mbe gold, Mbalam iron, and Minim Martap bauxite are advancing

• A new Mining Code and governance challenges define the sector’s evolving landscape

Cameroon is positioning its emerging mining sector as a pillar of future economic growth, aiming to reduce reliance on declining oil revenues. Though currently accounting for only about 1% of GDP, the mining industry is undergoing rapid expansion through large-scale projects in gold, iron ore, and bauxite.

On May 19, UK-based Oriole Resources reported positive drilling results at its Mbe gold project. The company aims to deliver a resource estimate by end-2025. Mbe complements Oriole’s more advanced Bibemi project, with an estimated 460,000 ounces of gold grading 2.06 g/t.

Hydrocarbons still dominate Cameroon’s extractive industry, contributing 4% to GDP and 31% of exports in 2021, according to the Extractive Industries Transparency Initiative. However, with oil output declining, Mines Minister Fuh Calistus Gentry forecast the launch of 15 mining projects by 2027.

Among the most advanced projects is the Mbalam iron ore site, expected to produce up to 10 million tons annually during its first phase of operation, with exports starting by the end of the second quarter of 2025. The Kribi-Lobé mine, currently in its pilot phase, aims for an annual production of 4 million tons of concentrate. G-Stones Resources plans to begin exports from its Grand Zambi project in June 2025, with 2 million tons of ore per year.

Meanwhile, the Minim Martap bauxite project, operated by Canyon Resources, remains in the preconstruction phase. It is expected to produce 6.4 million tons of bauxite over a 20-year period, with initial exports planned for 2026.

Cameroon is also beginning to shape a domestic gold industry. Codias SA operates the country’s only current underground gold mine, capable of producing 500 kg annually.

Despite this momentum, Cameroon’s mining potential remains underexploited. Official data lists over 50 types of identified mineral resources, but realizing their value depends on the state’s ability to sustain a stable and attractive investment climate.

In 2023, the government enacted a new Mining Code to address limitations of the 2016 framework and improve investor confidence. Still, sector governance remains under scrutiny. Australian firm Sundance Resources has initiated arbitration proceedings with the International Chamber of Commerce in Paris, seeking $5.5 billion in damages after its Mbalam permit was withdrawn.

In parallel, Cameroon was suspended from the EITI process in 2024, with the organization citing poor civil society engagement and broader governance concerns.