11 January 2010

FACTBOX-Cameroon oil, minerals investment projects!

Victoria Oil & Gas Plc (VOG.L) shares rose nearly 13 percent on Monday after the company announced it found gas sands at its Logbaba project in Cameroon. [ID:nLG367318]
Here are details about other investment projects in Cameroon, a West African coastal nation with plans to further develop its energy and minerals resources and expand its ports.

- Rio Tinto Alcan (RIO.L)(RIO.AX) is a partner with Cameroon's government in Alucam, a bauxite mining operation scheduled to include a 1 million tonne aluminium smelter at Kribi. Rio has said the project, including a 1,000 megawatt hydroelectric dam to power the smelter, will cost some 140 billion CFA francs ($317.6 million). The construction timeline is 2015-18.
- U.S. firm Hydromines, the United Arab Emirates's Dubai Aluminium (DUBAL) and India's Hindalco Industries have formed Cameroon Alumina Limited (CAL), a bauxite mining operation. The consortium says it has found 550 million tonnes of bauxite and is targeting at least another 200 million tonnes. With start-up planned for 2013, the consortium plans to invest $5-6 billion in a bauxite mining and refinery project at Ngaoundal, north of the capital, Yaounde, and a railway linking the project to the port of Kribi, 860 km away. The expected bauxite output is 4.5-9 million tonnes per annum.

- Toronto-listed Geovic (GMC.TO) owns 60 percent of a nickel-cobalt-manganese project in Nkamouna, in eastern Cameroon. Geovic expects to produce 4,200 tonnes of cobalt per year and 2,100 tonnes of nickel per year for 21 years. But Geovic said in early 2009 production would be delayed until 2012 and investment was cut to $250 million from $370 million.

- Australia's Sundance Resources (SDL.AX) has an exploration permit for the Mbalam deposits. Sundance was scheduled to begin exporting iron ore from its $2.46 billion project by 2011 but the firm is involved in tax wrangles with the government and announced in November that production would be delayed to 2013 due to the global slowdown.
Once operational, Sundance hopes to produce some 35 million tonnes of ore per year, bringing in $5 billion in royalties, taxes, and dividends during the 25-year life of the mine.
- The UK's African Aura Mining Inc. (AAAM.L) is exploring its 100 percent owned Nkout iron project located at Djoum in southern Cameroon, adjacent to Sundance's Mbalam project.
- Australia's Legend Mining Limited in September acquired a 90 percent interest in two exploration permits covering an area of approximately 2,400 km2 after it obtained 90 percent ownership Camina (Cameroon Mining Action) SA. in September 2009.

- Nu Energy Corporation, a subsidiary of Canada's Mega Uranium MGA.TO, is exploring for uranium in two sites in the north and the south of the country. After initial positive results in September, the firm is planning a follow-up 2,000 metre drill programme in the Kitongo project in the north.

- African Aura Mining Inc. is drilling at the Kambele prospect of its 100 percent owned Batouri gold exploration licence in the East region where the company has recorded visible gold in 25 out of 44 holes drilled.


- C&K Mining Inc, a joint Cameroon-Korean company operating near the border with Congo-Republic, is due to begin mining in 2010 with output to be 1 million carats in the first year and expected to reach 6 million carats a year at peak production.

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