Cameroon sees diamond mine starting in 2010
Cameroon expects to become a significant diamond exporter from next year when it starts mining deposits discovered in the southeast, a senior official said on Thursday. The discovery of gem quality and industrial diamonds was made by a joint Cameroon-Korean company, C&K Mining Inc., at Mobilong, close to the border with Congo Republic and the Central African Republic. ‘The probable reserves are estimated at 736 million carats and will make Cameroon a leading diamond exporter when exploitation begins before the end of 2010 as we expect,’ Oscar Matip, director of mines and geology, told reporters. Output would be about 1 million carats in the first year but is expected to rise to 6 million carats at its peak. Botswana’s Debswana, the world’s biggest diamond miner by value, has the capacity to produce about 33 million carats of the precious stones a year.
C&K Mining was created in 2005 as a joint venture between South Korea’s C&C Mining and the government of Cameroon. The Korean firm owns 80 percent of shares and Cameroon 20 percent.
Matip said the company would present its feasibility study on Mobilong later this year, following which an exploitation licence could be granted so mining could begin.
Diamond demand has been hit by the global financial crisis, but the world’s largest diamond group, De Beers, 45 percent owned by Anglo American PLC has increased output in the second quarter after earlier cuts. De Beers owns half of Debswana.
Cameroon has been trying to diversify its economy away from crude oil, which accounts for around half of export earnings. It is also a producer of agricultural commodities including cocoa and coffee.
Oh crap! There goes another mine for Biya & his crooks…They shoudl just say 80% to the Koreans, 19.5% to Biya & 0.5% to the remaining 18 million Cameroonians
Folks,
Remember that it is this Diamond (other minerals) that is fueling the war is Congo democratic and this ["ours"] is found close to this trouble area. I don’t see this as a new source of wealth, but as a potential spill over of war to Cameroon from Congo. I hope the government has put in place good security, so as not to get the kind of Bakassi “pirates (Militants from delta region in Nigeria)” condition there too.
I dare anyone thinking about war in Cameroon because of diamonds to test the Lion Man and see for himself. The recent case of the northern rebel leader of the Far North region, Lamine Oumate, comes to mind. After running his mouth from neigboring Nigeria against the Lion Man, he was simply kidnapped and whisked away to Yaounde from Maiduguri after money had changed hands between Cameroonian and Nigerian officials. Conflicts over diamond resources often erupt in the absence of a central government authority and lack of a regulatory framework for organized commercial or artisan mining. Long before this discovery by the Koreans, artisan mining had been going on in the East Region for several decades.
Paul, and chantal need to hide this money from daimond, and later Paul will pass away the swiss bank becomes owner. Biya try to open cameroon Bank from some of our money you are hiding . the swiss bank will not own all . A word to a wise is sufficient. you need to rest.
Paul Biya and family currently one of the richest families in the world will take advantage of the daimond . Projects like this should wait . paul want to take every thing from this country are you not tired?
this is an area which if economically exploited, will benefit us a lot.
well, in as much as the big guns are going to feed fat from it, the rest of cameroonians deserve drop of the benefits
This stuff could potentially be good for the Cameroonian People by helping to reduce the hardships in the lives of those men, women and children!!! However, the experience with the crude Oil in the south-western region tells me that the corrupted governmental officials (who are at this particular moment salivating like the hyenas they are) will simply juice themselves up from this business and keep piling up their accounts in Swiss banks! What a misfortune for the Cameroonian People!
my dear people, nothing last for ever, even biya will die one day and will not take anything from the world,let him do what ever he likes with the money,cameroon is the only country in the world living in dark ages.i,m really sorry for cameroonians who are hopeless,for the future, God help cameroon,
I mean, let’s pray for Cameroon. Really. May our heavenly Father be watching over us. How come Cameroon only owns 20% of this business?heeey Biya!PLEASE LEAVE. U are killing us (Cameroonian) slowly. You don’t love us and you never did. I pray that God may have pity on Cameroon. I don’t know about you but I still pray for you. This stuff about Diamond is scary but i put my trust in the Lord. Lord, help us.
Cameroon has signed up to the Extractive Industry Transparency Initiative (EITI) since 2006. By this move, and according to the obligations of this transparency lobby, all fall outs from the exploration of the underground are made public.
When diamonds became blood ressources, this initiative did not exist. If blood flows from minerals because of insufficient transparency, lets ne positive that the initiative will save Cameroon’s diamonds from being tainted. Keep hope alive.
I`m gone kill paul biya with my own hands.chase all korean and french from Kamerun
hi guys we all got families less walk hand to hand and make a better peacefull Cameroon. Less not fight and spoil our country , if this money comes, we must try to build and organised this country.God bless u all.