8, May 2022
Biya criminal gang, European Investment Bank sign agreement on funding railway line 0
Cameroon and the European Investment Bank (EIB) on Thursday signed an agreement on funding the railway line between Belabo and Ngaoundere in the eastern part of the Central African nation.
Vice President of the EIB Thomas Ostros began a working visit in Cameroon Thursday, hoping to explore further avenues of economic cooperation between the EU and the Central African nation. During his stay, Ostros met with the country’s Prime Minister Joseph Dion Ngute and other senior government officials in Yaounde, the capital of Cameroon, and discussed the prospects for increasing investment.
It is believed that the signing of the agreement during his visit will involve an investment of 80 billion XAF (about 129 million U.S. dollars).
“We see this as a ground-breaking project. It is about connecting people but also for business and job opportunities. It fits also with our ambition to invest in sustainable transport. Actually, the biggest investment that we have made in sustainable transport in Sub-Saharan Africa ever,” Ostros, who signed on behalf of the EIB, told reporters in Yaounde.
Alamine Ousmane Mey, the minister of Economy, Planning and Regional Development, who signed on behalf of the Cameroonian government, expressed confidence that European investors would increasingly look at the favorable opportunities available in the country in the context of the positive steps taken by the government to create an investor friendly climate.
“This cooperation has led to a portfolio of projects amounting to roughly 880 million euros. This has made it possible to cover priority areas such as infrastructure, energy, industrial development and agriculture. This certainly is going to help Cameroon accelerate its development process,” Mey said.
Source: Xinhuanet


















18, May 2022
CPDM Crime Syndicate and the Mbalam iron project: The matter promises to be hot 0
Negotiations between Cameroon and Sundance Resources (and its local subsidiary Cam Iron SA), which began in the second half of 2021, for an amicable settlement of the dispute over the Mbalam iron ore mining project, have failed.
The Australian mining company brought the case to the International Court of Arbitration of the International Chamber of Commerce in Paris in June 2021 to force Cameroon to grant it an operating license on the project, after the mining convention of November 29, 2012, and the transition agreement of June 30, 2015. The company said Cameroon was about to grant the license to another partner.
Sundance wants Cameroon to at least repay the amount it invested in the research phase. The money is estimated at CFA94 billion (subject to audit), according to the Minister of Mines, Industry and Technological Development (Minmidt), whose services led the negotiations with the Australian mining company.
Disapproval
Gabriel Dodo Ndocké believes that paying this “debt” will put a definitive end to the battle between the Cameroonian government and Sundance Resources but President Paul Biya (pictured) seems to disapprove. In a letter dated April 18, the President said he prefers an arbitration approach and has already contacted Thierry Lauriol, a lawyer at the Paris bar and partner in the firm Jeantet, to defend Cameroon before the court. Thierry Lauriol was Congo’s lawyer before the court of arbitration of London when the country was battling against the same company for the Congolese part of the same project.
The lawyer should have already filed the response of the State of Cameroon to the request for arbitration before the deadline of April 30, 2022. Under this strategy, the Minister of Finance, Louis Paul Motazé, was instructed to urgently make $55,000 (about 34.57 million CFA francs) available to the collector at the Embassy of Cameroon in Paris. The money covered the urgent procedure that ended April 1, 2022, by a decision not favorable to Cameroon. The International Court of Arbitration in Paris issued a provisional decision prohibiting Cameroon “from issuing an exploitation permit for the Mbalam iron ore deposit or from issuing any instrument or document having a similar effect, to Sonamines or any other entity,” Sundance reported.
Delay
In August 2021, Sundance Resources announced it was relying on arbitration proceedings against Cameroon and Congo to pay debts owed to its shareholders estimated at $132 million (about CFA70.86 billion), as of the end of January 2021. In Congo, the Australian firm is claiming damages of $8.76 billion, or more than CFA4,700 billion at the current value of the US dollar.
Since 2015, after several extensions of its exploration license on the project, the Australian mining junior has not managed to secure a technical and financial partner for the implementation of infrastructure related to the Mbalam project (construction of a railway more than 500 km between Mbalam and Kribi, of the mine and a mineral terminal at the deepwater port of Kribi). Successive attempts with the Chinese companies China Gezhouba, in 2015, Tidfore Heavy Equipment Group Ltd, in 2018, and AustSino, after 2018, have all failed.
On June 25, 2021, in Yaoundé, Cameroon signed an MoU with AutSino Resources Group Ltd and Bestway Finance Ltd for the construction of the railway (more than 500 km) linking Mbalam to the deepwater port of Kribi. This prompted Sundance to take AutSino to court in Australia for breach of trust. Sundance believes that the Chinese company used the data it had provided to negotiate and obtain the Mbalam permit behind its back.
Culled from Business in Cameroon