Beijing: Sinosteel Group plans to invest US$660m at the Lobe iron ore project in Cameroon, the company has already finished feasibility studies on the project and will get a production license soon.
According to Fuh Calistus Gentry, secretary of Cameroon’s Ministry of Mines, Industries and Technological Development, Sinosteel will sign an agreement with the Cameroon government for the development of the project which is located 40 km from the seaside town of Kribi, where a port is being constructed.
Sinosteel is expected to get exploitation rights for 25 years and annual production volumes of 4m tons of which 15% will be processed locally.[18/12/12]
