Mobilong diamond mine under inspection

The Mobilong diamond mine located in Cameroon’s eastern region is currently undergoing re-evaluation to itemize and regulate its contents, sources close to the ministry of Mining, Industry and Technological Development said on Tuesday.

The re-evaluation exercise is expected to detail the real potential of the mine, which has been in the middle of a controversy since 2010, after revelations by the Korean company C&K Mining.

The Korean firm has been excavating the site since 2006.

Since 2014, it has transferred its assets at the excavation project to a Chinese-US investor accused of overstating the real potential of the mine to 736 million carats, which is fivefold the world production of diamond.

Over time people realized that such overestimation was made solely for the purpose of market speculation since after the announcement, C&K Mining stocks had climbed on the Seoul Stock Exchange.

A second evaluation of the same excavator estimated the potential Mobilong diamond mine at 420 million carats.