Thu. Mar 21st, 2019

Could Geovic Mining’s license for Nkamouna nickel-cobalt deposit withdrawn?

Since 2003, Geovic Mining, a subsidiary of the American-Canadian junior mining company, was granted the first-ever mining license in Cameroon for the nickel, cobalt and manganese deposit at Nkamoura, in Lomié. However, the company has been unable to develop the project since that year.

 According to sources close to the case, at the end of 2017, Cameroon decided to withdraw its license on this project which has been abandoned for 5 years now. The country also planned to launch an international call for tenders to select a new partner who can develop the project, since some financially capable investors are interested. So, Geovic Mining Corp’s founder visited Ferdinand Ngoh Ngoh to plead with the government not to continue the process.

For the record, Geovic Mining Corp was excluded from Toronto Stock Exchange (TSX) for non-compliance with the market’s operating rules, good sources revealed.

Geovic cannot develop Nkamouna mining project simply because it doesn’t have resources.The evidence is that it has not done anything for 15 years. They just want to sell the project’s shares to the highest bidder”, a source close to the case said.

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