The diamond mining agreement between Cameroon and the Korean Company,C & K Mining was signed last Friday.

The joint Cameroon- Korean Company, Cameroon and Korean Mining (C& K Mining) will exploit the diamond deposits at Mobilong , Bomba and Ngoko Division of the East Region of Cameroon. Prime Minister, Head of Government Philemon Yang on Friday, July 9 at the Star Building presided at the ceremony to sign the diamond mining agreement between the government of Cameroon and the Korean Company, Cameroon and Korea Mining (C & K Mining). The Minister of Industries, Mines and Technological Development, Badel Ndanga Ndinga signed for Cameroon and the Chairman and Chief Executive Officer of C& K Mining, Duk-Kyun Oh signed for his company.

Badel Ndanga Ndinga explained to journalists that the agreement is a document that establishes the rights and obligations between Cameroon and C& K Mining, defines the environmental and social obligations, as well as the relations with the local population. Stating that research work was ongoing on the field, the Industries and Mines Minister said the agreement was an intermediary document that constitutes an important stage leading up to the decree of the Head of State granting the diamond exploitation licence to C&K Mining.

The Chief Executive Officer of C&K Mining, Duk-Kyun Oh in a statement to the press during the ceremony said the company has mobilised enormous financial, equipment and human resources to begin aspects of the mine development as soon as the mining lease is issued. “The project will bring infrastructural, employment (up to 1,500 direct jobs and 5,000 indirect jobs) at full development as well as new social programmes such as hospitals, schools, roads, water projects tailored for the local community”, he said. “When initial production will start at the alluvial level, the annual production will be 50,000 carats of diamond per year”, Duk- Kyun disclosed. He added that production will be expected to increase to 800,000 carats of diamond per year at full production at the level of hard rock conglomerate. Reliable sources say the diamond reserves are estimated at 736 million carats and will make Cameroon a leading diamond exporter when exploitation begins.

According to Cameroon’s Minister of Industries, Mines and Technological Development, the diamond mining agreement is the second in the country after that government signed with Geovic Cameroon that is exploiting cobalt and nickel in Lomie still in the East Region.