Current Date: 28 May, 2024

Sonamines amassed gold worth more than CFA3 billion in 2022

Sonamines, Cameroon's mining business, has received 175 kg of gold worth CFA3.2 billion since the year commenced, according to Minister Gabriel Dodo Ndoké.

These data "suggest a rise in the mining sector's contribution to state revenue," he says. However, mining revenues in the country remain low.

Sonamines amassed gold worth more than CFA3 billion in 2022

They account for less than 1% of GDP due to inadequate financing and a lack of trusted partners to exploit the country's substantial iron, diamonds, bauxite, and cobalt reserves. 

Another reason is that, according to government figures, nearly 90% of the output of minerals such as gold is marketed through informal channels.

Sonamines is developing a strategy to better route and market gold and diamonds to address this issue. As a reminder, CAPAM managed the marketing of gold and diamond from Cameroonian mines. 

However, its assets were taken over by the new corporation established by the law in December 2020.

With its resolve to get gold out of informal marketing channels, Sonamines said it has, for example, recovered 43.46 kg of gold from artisanal miners between July 17 and November 30, 2021. This is 93% more than the volume gathered during the same period in 2020 and 138.9% more than in 2019.

Excellence Chukwuma Chukwunaedu

Excellence Chukwuma Chukwunaedu

I enjoy marketing, technology and business. I help businesses and brands connect with their ideal customer profiles and build products that excite them and solve their problems.