IMIC officially takes over Nkout iron-project

On June 17, 2014, a legal announcement was made public. Then 15th September 2014, it was revealed that Cameroon Mining Exploration (Caminex), a subsidiary of British mining junior Affero Mining, which has highlighted the iron deposit of Nkout, in the region of the South of Cameroon, gave all of his shares in this project to the British company, International Mining and infrastructure Corporation (IMIC) controlled by the Mauritanian Ousmane Kane.

This official assets transfer, led to the appointments of Ousmane Kane and Mouhamedoune El Khalifa Beyah, respectively to the positions of PCA and DG of Caminex, on the one hand, and the reduction of the share capital of this company to almost 50%, from 101,5 million Cfa francs to 51.5 million Cfa francs, on the other hand.

The transaction confirmed by deeds of June 17, 2014 saw the materialization of a resolution taken on September 16, 2013, in Vancouver, Canada. Indeed, during the General Assembly of Affero Mining, shareholders voted 97% decision to sell 100% of the shares of the mining company to IMIC.

IMIC, specializing in railway operation in Africa, thus definitely takes possession of an iron deposit of a potential officially estimated at 2 billion tons, expandable to 4 billion tons.

Located 27 Km from the town of Djoum, in the South-Cameroon, the Nkout iron deposit is also presented as very important to Cameroon, compared to the iron deposit of Mballam, quarterly between Congo and Cameroon, and whose potential is estimated at 3 billion tonnes.