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Cameroon: CFA 500 billion for Cameroon's Diamond
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Cameroon Tribune (Yaoundé)
25 February 2008
Posted to the web 25 February 2008
L.P.N.
Korea's CNK Mining Co begins exploitation in Mobilong and Limokoali as from 2009.
The little localities of Mobilong and Limokoali near Yokadouma in the East province will henceforth make news in Cameroon following the confirmation of the existence of significant diamond reserve in the area by the Korean mining company, CNK Mining Co.
The delegation of the company, headed by its president general, Deuk-Gyun Oh, had a working session last Saturday, with the Minister of Industries, Mines and Technological Development, Badel Ndanga Ndinga during which they made a presentation of diamond potentials in south east Cameroon.
"From the previous geological and prospecting activities, huge diamond deposits were discovered in the Mobilong and Limokoali area", Deuk-Gyun Oh, said in their report. "Diamond having been derived from primary source rock, Kimberlite pipe, occurs mostly in conglomerate of Precambrian age. So, conglomerate will be our first target for diamond mining", he said. Geologists of the CNK Mining Co will equally try to find kimberlite pipes presently hidden by overlying Precambrian meta-sedimentary rocks, he said.
Saturday's meeting was essentially aimed at understanding how feasible it was to exploit the diamond and how far the Koreans have gone in the project. "In March last year, a report was submitted to the Ministry of Industries, Mines and Technological Development on the results of the feasibility studies", Deuk-Gyun Oh. On the basis of this, CNK Mining Co was authorized to proceed with the prospecting and exploitation investigation which constitutes the first phase of the operation. This phase ends in 2009 the same year that exploitation is expected to begin.
"The estimated diamond reserve in the area would be 736,000,000 cts and the CNK Mining Co has plans to invest 500 billion CFA Francs for the next 25 years", Deuk-Gyun Oh Said. The company, he said, will hire 4,000 people as company members.
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Minister Ndanga Ndinga was particularly satisfied and promised government support to the company.
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