Wednesday, June 24, 2015

Cameroon: mining generates 830 billion FCFA in 2013

(Business in Cameroon) 
Officially presented on June 17, 2015 in Yaoundé, the last report by the National Monitoring and Implementation Committee for the Mining Industry Transparency Initiative (ITIE), reveals that, in 2013, the mining sector generated 830 billion FCFA in total sales, which is 5.4% of the country’s GDP. This revenue was, however, down by 2% compared to 2012.
As is customary, these earnings were primarily generated by the oil industry, which is currently the country’s most dynamic, structured sector. According to ITIE figures, Société nationale des hydrocarbures (SNH), the State’s oil mining company, generated over 500 billion FCFA in revenue , against 202 billion FCFA for 14 other oil companies which were examined by the ITIE’s national committee.
The report, however, reveals new sources of wealth for Cameroonian exports. These include diamonds, sapphires, marble, granite, limestone, clay and gold which are currently in quantities that are still considered to be insignificant.

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