Mbalam-Nabeba Iron Ore project: Gov’t, Bestway Financing Ltd seal convention for iron ore transformation.

The convention was signed during an audience in Yaounde May 7. During the meeting, the mines minister, said the meeting is a follow up of a mission to China in last December.

He noted that the gathering comes on the heels of the launch of the technical works of the Nabeba mining project in Congo.

Prof Fuh Calistus also assured Cameroonians that the signing of the convention with Bestway Finance Ltd has paved the way for the setting up of a transformation unit for iron ore by August with the first iron ore export from Cameroon expected by end of this year. 

“Our goal is to see that the plant for treatment of ore is functional in August as a timeline and for the first iron ore to be export from the port of Kribi this year,” the minister said. 

He further mentioned that all the different components of the Mbalam-Nabeba Iron Ore project are set for smooth commencement as negotiated with the Chinese stakeholders of the project. 

“We will be seeing later this year the inauguration of the railway, inauguration mineral terminal at the Kribi seaport and today we have signed a document about the transformation of the iron ore in Cameroon,” he assured. 

Cameroon pushing notion of mineral transformation

The member of government also explained to his guests that Cameroon is already on a good footing to orientate Africa towards the notion of transformation in the mining sector.   

He noted this will be one of the key issues to be discussed when Cameroon will play host to the Council of Ministers of the Organisation of African, the Caribbean and the Pacific States, OACPS, on the sideline of the 4th edition of the Cameroon International Mining and Exhibitions Convention, CIMEC.

The dual event to be held in Yaounde from May 22 to 24, he said is aimed at making Cameroon a welcoming and an international benchmark exchange and negotiation platform in the mining sector.

“In the coming weeks, several mines minister will gather in Yaounde to talk about the future of critical minerals, the transformation,” he declared. 

While saluting the state of the China-Cameroon cooperation, the minister signaled that two of three iron ore projects ongoing in Cameroon are operated by Chinese companies. 

Enter Bestway Finance CEO 

During the meeting, the Chief Executive Officer, CEO of Bestway Finance Limited, Alexandre Mbiam, announced that the funds needed for the Mbalam-Nabeba iron ore projects are available. 

“Best Way Finance had started the project three and half year ago. It’s a project that requires total capital on investment of 9.3 billion dollar all funded by the consortium. It’s a project that aligned three mines in Congo to which the Mbalam mine has been added,” the Bestway Finance CEO added. 

He further mentioned that: “It’s a project that will generate for Cameroon, based on the infrastructure being developed and the physical fallouts in excess of 25billion dollars. So, basically more than half the GDP over the life of the project”. 

While saluting the vision of the Heads of State for Cameroon and Congo in merging forces towards the realisation of a transboundary mining project, he noted that: “Like the minister said, both in Congo and in Cameroon, there will be a processing of the ore coming from those mines and this will allow us to produce a steel that about 30% cheaper than what we currently face when we want to build houses. We believe that for both countries, it should help in reaching the high goals set by the presidents of both nations notably when it comes to affordable houses”.

Job opportunities

According to the CEO of Bestway Finance, the project will also directly generate about 20,000 direct and indirect jobs for both countries. 

He stressed that the real wealth of both nations is not solely on the subsoil but also the human capital that will be developed with an excess of 90% of the jobs created destined for Cameroonians and Congolese.