#Other countries : Cameroon and Sinosteel Cam SA, a subsidiary of the Chinese state-owned multinational Sinosteel Corporation Ltd., signed an agreement on Friday that will allow the company to invest more than 700 million dollars in an iron ore project in the Southern Cameroons region.
The agreement concerns an integrated mining and infrastructure project, which targets the industrial exploitation of Lobé iron ore in the region, according to a press release published by Sinosteel Cam SA.
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This project includes the development of an iron ore enrichment plant, a pipeline of approximately 20 km for the delivery of enriched iron ore to the ore terminal, an energy production unit for at least 60MW for the project and an ore terminal allowing the marketing of products on the international market, indicated the same source.
With estimated reserves of 632.8 million tons of iron ore, Sinosteel Cam SA plans to mine 10 million tons per year of 33% ore and then beneficiate them to produce 4 million tons of high-grade concentrate. more than 60% iron, according to the document.
Sinosteel Cam SA estimates that at least 600 direct jobs and over 1,000 indirect jobs will be created through the project.