IMIC to press on with developments in Cameroon

African iron ore explorer IMIC (LON:IMIC) intends to press on with development of its assets in Cameroon despite the recent slide in the price of the bulk commodity.

Ethelbert Copper, chairman, said the backdrop was challenging but the strategy was to achieve initial production within three years from the Ntem deposit, which would make it the first iron ore to be exported from Cameroon.

During 2015, IMIC would also start work on a definitive feasibility study for the 2.7bn tonne deposit Nkout, he added.

IMIC recorded a loss after tax of $43.4mln (2013: $9.6mln) in the year to June, which included US$8.3mln of exceptional costs and a one off impairment charge of $20.6mln for loans IMIC extended to partner AIOG.