One of the World’s Largest Primary Cobalt Reserves in Cameroon to Begin ESG-Compliant Operations Following Strategic Agreement Between Cloudbreak and Geovic

HONG KONG & BOSTON–(BUSINESS WIRE)–Cloudbreak Holdings, a multinational natural resources investment firm, has concluded an agreement with Geovic Mining to finance and operate one of the world’s largest cobalt mines, in Cameroon, Africa.

Through its subsidiary Phoenix Mining, Cloudbreak will provide capital and technical assistance to Geovic Cameroon (‘Geocam’), Geovic’s majority-owned local subsidiary, to commence operations at its Nkamouna concession. This positions Cameroon as a prime source of ESG-compliant battery metals to power the green revolution.

Nkamouna is one of the world’s largest proven primary reserves of cobalt and also holds deposits of nickel, manganese and rare earths. This partnership comes at an ideal time to meet the exploding demand as manufacturers ramp up production of electric vehicles. It is expected that cobalt will quickly become a highly significant export earner for Cameroon, vindicating the Cameroonian Presidency’s long-standing support of the project.

Justin Lowe, co-founder of Cloudbreak, commented: “Cobalt’s role in the world economy is only set to increase as it is a key component in batteries for electric vehicles and energy storage. We are very excited to be working closely with the Cameroonian government to make Geocam a success.”

Bill Buckovic, Founder of Geovic commented: “We have already invested over US$100 million to complete all the necessary geological, feasibility and environmental studies. Our new partners bring the capital and technological expertise that will ensure Nkamouna is producing in less than two years.”

In addition to adhering to strict ESG standards, Geocam will invest significantly in the local community by creating jobs and focusing on social services, such as the construction of health facilities and schools. Work will also begin immediately on the design of the second phase of the project, the construction of a refining facility in the industrial zone of Kribi, one of the largest deepwater ports in Africa.

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6 comments

  1. This could be a very decent possible economic development for all involved.
    What process do they have for waste, water use , pollution directly coming from pre ,in motion and closure of the mine ? Land concession size is not mentioned or road building and constant upkeep due to heavy equipment haulage damage ( in and out of concession areas,the corridor all the way to port ) not mentioned either .if your talking ,walking ,big ,man up,admit all. Envioromenta and duty to good health ,due diligence l costs , rather than just talking “ social projects “

    • Where in Cameroon is Nkamouna? Cameroon is divided into regions, provinces, divisions, Sub-Divisions and even towns and cities. Should a credible report not place Nkamouna in one of these identifiable entities?

      • The Project is Co-Ni-Mn (Cobalt-Nickel-Manganese) greenfields deposit located in the Haut Nyong Division, East Province of Cameroon, Africa, approximately 400 km from the capital city of Yaounde.

      • Nkamouna is in Akonolinga, Center Region.

  2. Having both common law ( international English presiding for legal commitments ) and french neopoleanic contracting available in Cameroon due to our quasi unique posative availability of both ,inside the constitutional acceptance for buisness ,makes for a clear,clean and honest agreement . Cobalt end users are obliged by consumers and investors to buy it from a reputable source ,especially in the future ,and with the before mentioned posative set up of Cameroon’s legal system we can provide this more than any of the other countries that produce it .
    However many investors tend to be a bit thick in understanding that malpractice is within their concept rather than the African mind .