CI-NEWS

CIMEC 2019 fall-out: G-Stones Resources S.A to begin industrial exploitation of iron ore in Akom II,

2019-11-19

No: 456

CIMEC 2019 fall-out: G-Stones Resources S.A to begin industrial exploitation of iron ore in Akom II, Ocean Division; 3500 jobs in view.

By Fonban Emmanuel.

Minister Gabriel Dode Ndoke and the CEO of BOCOM Group signing the partnership

The successful holding of the third edition of the Cameroon International Investment Mining and Exhibition Conference (CIMEC 2019) from 2 to 4 September in Yaounde has whetted the appetite of mining companies to set shop in Cameroon. Probably convinced by the credibility of the country, G-STONES RESOURCES S.A has taken the plunge to engage in the industrial exploitation of iron ore in Akom II in the South Region of Cameroon.

A partnership agreement to this effect was signed between the company and the Minister of Mines, Industry and Technological Development, Dode Ndoke Gabriel, at Djeuga Palace Hotel on Thursday, 14 November 2019. It gave G-STONES RESOURCES S.A the right to exploit the natural iron ore in the Ocean Division of the South Region.

Minister Gabriel Dode Ndoke, presiding over the ceremony, said it was a privilege for the Cameroon government to sign the partnership with G-STONES for the exploitation of iron in Akom II. He said the project was initiated some years and now materializing and will open job opportunities for young Cameroonians and boost the country’s economy.

“It is a great opportunity for our youths to find jobs and it’s a great opportunity for our economy to grow and guarantee the welfare of its citizens”, said Gabriel Ndoke, the boss of the mining ministry.

However, it is important to mention that G-STONES RESOURCES S.A is a limited liability company registered under Cameroon’s law and has an operating capital of two billion, one hundred and twenty five million francs cfa and has its headquarters in Douala.

The partnership agreement is expected to provide over 3500 jobs for Cameroonians and equally bring in some infrastructures which will benefit Cameroonians around the vicinity.

“The importance is the reduction of unemployment in the country. We have invested 1.5billion dollars”, said the Chief Executive Officer of BOCOM Group who signed for G-STONES S.A.

The extra benefits of the project is the local electrification of some localities around the areas of Grand-Zambi, Akom 2 city, Adjap and others which will gain energy from the 85MW generated from the power unit to be constructed.

Other benefits are multiple should this project fulfill all its promises.

Meanwhile, in yet another evidence that investors are becoming interested in Cameroon’s mining occurrences recently discovered, the MINMIDT boss will this Thursday at the Yaounde Mont Febe Hotel sign a convention with CODIAS S.A for the exploitation of gold at Colomine in the locality of Ngoura, Lom and Djerem Division of the East Region. This follows the successful research of gold reserves in the same field in Ngoura.

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CIMEC 2019 fall-out: G-Stones Resources S.A to begin industrial exploitation of iron ore in Akom II,