Geovic Axes Plans to Mine at Cameroon-based Nkamouna Project

Business in Cameroon reported that Geovic Cameroon plc, a subsidiary of Geovic Mining Corp. (TSX:GMC) has set aside plans to mine bauxite, cobalt and manganese at the Nkamouna project in East Cameroon’s Lomié district.

The publication describes the move as “but one of a long series of unfulfilled promises and appetising announcements.”

As quoted in the market news:

According to the former municipal executive of Lomié district, Geovic Cameroon had reached an agreement with Chinese investors to which its 60.5% share of the project would be sold. ‘Between February and April 2014, the Chinese came here several times. Accompanied by Geovic teams, they made site visits and took samples. Since then, nothing. In any event, no one here listens to them anymore. People don’t believe in it anymore.’

Indeed, on July 23, 2013, Geovic Mining Corp had announced the signing of a ‘final agreement’ with the Chinese group Jiangxi Rare Metals Tungsten Group Holdings Company Ltd (JXTC), to which the young company American and Canadian company had decided to sell its assets in the cobalt, nickel and manganese mining and development project in Nkamouna in Cameroon.

Click here to read the full Business in Cameroon report.