- With an estimated annual gain of 22.9 billion FCFA
- A sell-off according to experts
This monday 17 April 2023 was an important date for the Chinese company Sinosteel based in Cameroon. Indeed, it proceeded to the extraction of the first samples of iron ore in Lobé, near Kribi. The ore was extracted at a depth of 150m.
According to the information website “News du Camer”, it was on 1 July 2022 that the President of the Republic signed the decree granting the company Sinosteel Cam SA, the exploitation permit for the Lobé iron ore deposit in Kribi, in the southern region of Cameroon; that is to say, only two months after the signature of the mining convention (6 May 2022) on this project.
The state’s annual earnings are estimated at 22.9 billion FCFA, but many experts have denounced a certain “sell-off” of the subsoil by the Cameroonian government. In addition, the population is demanding compensation before the work begins.
Summary by Rachid Ouedraogo
#Mines_Actu_Burkina
