Money is the Real Issue
If Cameroon has one thing to boast of, it is the riches beneath its soil. Records are quite clear. The country is basking in minerals and is reportedly one of the World’s leading cobalt deposits. The minerals are spread all over the territory. Some have been discovered while others are yet to be discovered. Even areas that never dreamt of having an iota of mineral now boast of the resource in significant quantity. The latest of such is Donga Mantung in the North West Region, where the Artisan Promotion and Support Programme (CAPAM) has confirmed the discovery of gold. In the East Region, several minerals abound, gold, cobalt, nickel, manganese, and Iron ore.
Nkamouna’s proven ore reserves located a few kilometres east of Lomie, are 54.7 million tonnes at average grades of 0.25 percent cobalt, 0.69 percent nickel, and 1.33 percent manganese, according to Geovic Cameroon. This reserve yields 11.7 million tonnes of concentrates grading 0.74 percent cobalt, 0.99 percent nickel, and 3.78 percent manganese. In Mbalam where Cameroon Iron in collaboration with Australia’s Sundance Resources Company limited intend to operate, Iron ore deposits are estimated at over 2.5 billion tonnes. In the same vein recent report says the country could be having not less than 700 million tonnes of bauxite deposits, with particular concentration in Minim Marta in Adamawa Region.
These potentials have kept no one indifferent, reason why the past years have witnessed waves of influx from foreign mining companies. So far, only one of such companies, Geovic Cameroon has been able to grab a mining licence. According to the Minister of Industries, Mines and Technological Development, Badel Ndanga Ndinga, government, as at December last year, issued exploration licences to 87 companies in the solid mining sub sector. Unfortunately, only 40 per cent of the national territory is explored.
In spite of the influx, very little seem to have changed in the sector. The question on every lip is why the foot dragging at the time the country badly needs that its development projects take off? Is it the administration that is dragging its feet or is it that companies soliciting mining licences are not viable enough? Government has been categorical about this. Cameroon wants its minerals tapped. But this must be handled by serious companies; those that are capable of delivering the goods. Mining is not like agriculture, an official in the Ministry of Industries, Mines and Technological Development commented. Mining demands a lot of investment. From every indication, most companies wishing to dig the country’s minerals have no proven financial strength. Some want to first grab the licence before looking for cash.
The administration is apparently dissatisfied with the performance of companies that have made in-roots into Cameroon mining. Several years after the first licence was issued, the project concern remains virtually grounded for reasons which are not far from money. So, the real problem in this sector is money.
LUKONG Pius NYUYLIME
