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    International community now hunting Cameroon’s

    Australia: They are working in joint venture with a Cameroonian private company, CAMIRON to extract iron ore in Mbalam, situated north of Ngoila in the East province. The entire project has been estimated at CFA1500billion. The private Cameroonian company, obtained an exploitation permit in September, 2005 to carry out a thorough search of iron ore deposit in the area but Sundance Research Limited, an Australian company acquired 90% of the shares in CAMIRON in 2006 based on its commitment to provide financing and development expertise required to implement the project.

    The final feasibility studies will be completed in 2008 while construction begins in 2009. However, work is already going on at the site. The deposit is estimated at 220 million tons. Sundance Resources Limited will build a railway connecting the areas to the seaside town of Kribi covering 400kilometres to facilitate its transportation. The project will provide about 800 direct and indirect jobs.

    http://www.mynews.in/fullstory.aspx?storyid=2384
 
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