Business in Cameroon | On June 8, Avima Iron Ore Limited, majority-owned by Australian Core Mining, signed a Memorandum of Understanding with the Port Authority of Kribi (PAK), establishing a formal partnership for the reception, storage, and loading of iron ore from Avima’s mining sites in the Republic of Congo to the port of Kribi for export.
According to the PAK, in the framework of the partnership, the two parties will carry out an economic, commercial, technical, financial, and legal feasibility study to ensure the smooth and rapid transport of the iron ore to be exported from the deep seaport of Kribi, in southern Cameroon.
This project was proposed in neighbouring Gabon. Indeed, on February 13, 2017, in Libreville, Christian Magnagna, former Minister of Mines, received Socrates Vasiliades, CEO of Avima Iron Ore, to discuss the matter. The head of Avima proposed the construction of a 190-km road connecting the towns of Avima (Congo) and Makokou (Gabon).
Mr. Socrates also requested the construction of a railway line from Makokou to Boué to transport his ore to the new mineral port of Owendo. However, since then, the Owendo track has not been heard of again. Nonetheless, there is no indication that talks with the Gabonese authorities have been unsuccessful.
The Avima project, in Congo, is a high-grade iron ore deposit with about 700 million tons of iron ore. Experts consider it to be a world-class mining project.