British IMIC officially takes over Nkout iron project

A legal notice published September 15 indicates that the company Cameroon Mining Exploration (Caminex), a subsidiary of the British mining “Affero Mining”, which has controlling the Nkout iron ore deposit in the southern region of Cameroon, sold all of its shares to the British company “International Mining and Infrastructure Corporation” (IMIC), controlled by the Mauritanian Ousmane Kane on June 17, 2014.

The official transfer of the assets, has led to appointments of Ousmane Kane and Mouhamedoune El Khalifa Beyah, to the positions of CEO and Managing Director of Caminex on one hand, and the reduction of the share capital of the company of nearly 50%, from 101.5 million CFA francs to 51.5 million CFA francs, on the other hand.

Confirmed by the agreement of 17 June 2014 transaction is the materialization of a resolution adopted September 16, 2013 in Vancouver, Canada.

During the General Assembly of Affero Mining held that day, shareholders voted 97% the decision to sell 100% stake to the mining company IMIC.

IMIC, which specializes in iron mining in Africa, finally takes possession of the iron ore deposit with an officially estimated at 2 billion tonnes, expandable to a potential 4 billion tonnes.

Located 27 km from the town of Djoum in southern Cameroon, the Nkout iron ore deposit is billed as the largest of Cameroon compared to iron ore deposit of Mballam, torn between Congo and Cameroon, with the potential deposit estimated at 3 billion tonnes.