Mining sector: Minister Fuh Calistus unveils dual event to make Yaounde new negotiation, financing hub.

The development was made public by the Interim Minister of Mines, Industry and Technological Development, MINMIDT, Prof Fuh Calistus Gentry. 

The government official was speaking during a press conference organised in Yaounde, Thursday February 15. 

The press conference was held in the presence of the Secretaries General at the Ministries of Communication, External Relations and of MINMIDT. 

Speaking during the press outing, Prof Fuh Calistus disclosed that from May 22 to 24, Yaounde will host the 4th edition of the Cameroon International Mining and Exhibitions Convention, CIMEC.

He said the event will unfold under the theme: “Transition from geological potential to the production of mining deposits as a means of strengthening economic growth in the Subregion”.

The fourth edition of CIMEC, he said, is said to bring together an audience of national and international investors, mining professionals and multiple stakeholders. 

CIMEC, formerly known as the International Conference of Mines and Exhibition of Cameroon, the minister indicated, will be held jointly with the Organisation of African, the Caribbean and the Pacific States, OACPS, Council of Ministers. 

Prof Fuh Calistus explained that CIMEC is aimed at making Cameroon a welcoming and an international benchmark exchange and negotiation platform in the mining sector.

CIMEC, he mentioned, will present a unique opportunity to present the new status of Cameroon as a mining producing country.

“In 2023, four mining projects commenced. The Mbalam, the Kribi-Lobe and the Bipindi-Grand-Zambi iron mining projects. Their first commercial production is expected this year,” he said. 

He continued that the Colomine small gold mine mining project in the East Region is already in production. 

“In addition to these four ongoing projects, 11 other mining projects classified as short, medium and long terms will be subject to restructuring, with a view to their effective start-up at the nearest convenience,” he added.

New hub for negotiations, financing

Likening the upcoming Yaounde convention to other renowned international mining fairs like the Indaba Fair in South Africa, and the PDAC in Toronto-Canada, the Minister declared that CIMEC will “make Yaounde a new center for negotiations and financing within the mining sector in view of its attributes which are its strong mining potential, the bilingual nature of its population and its unique and privileged geographical position”. 

As such, he said the Subregional stock exchange and other financial institutions will be strongly involved during the event. 

Clarion call 

Speaking further during Thursday’s presser, the MINMIDT boss also urged financial institutions, banks, insurance and lawyers to get involved in the mining industry in Cameroon so as to enable mining companies raise funds.

It was stated that during CIMEC, conferences and round tables will be held on different financing mechanisms, highlighting the opportunities available in the Cameroonian mining sector.

“On this note, MINMIDT has to date granted more than 150 research permits for investigative work on our subsoil. The provision of land dedicated to semi-mechanised gold mining, using a closed system have increased revenues from this activity in ten folds,” Prof Fuh Calistus stated.

Following instructions of the Head of State regarding the exploitation of gold as a part of the diversification of public financial resources, the member of government said the new closed system carbon in leach will permit a drastic change in the precarious situation which currently prevails in the East and Adamawa Regions. 

Through this system, he said, the State can significantly improve its tax collection in the mining sector and adjust shortcomings with regards to the tax declaration system. 

“The closed system has the advantage of bringing together all the stakeholders to monitor the actual production so as to effectively collect their exact allocated shares. In addition, this system reduces the environmental footprint of mining,” the Minister noted, before declaring that the installation of the first carbon in leach system has been planned for March 2024 in the East Region.

OACPS Council of Ministers

Regarding the OACPS Council of Ministers, Prof Fuh Calistus said the get-together is geared towards studying the report and recommendations made during the OACPS meeting of experts on vital minerals necessary for energy transition. 

The meeting of experts was organised in Lusaka-Zambia, with a view of producing a document outlining the position and options of the OACPS regarding the proposed European Union, EU regulation on guaranteeing a secure and sustainable supply of vital raw materials.