(Ecofin Agency) – Jindal has been exploring the Ngovayang iron ore deposit since 2014 and the acquisition of the assets of the Australian mining junior Legend Mining for USD 17 million. The Indian company had previously tried unsuccessfully to acquire the Nkout deposit.
Indian conglomerate Jindal is preparing for the next 6 months the installation of the operating infrastructure of the Ngovayang iron project in the Southern region of Cameroon, including an enrichment unit and equipment for the mine. This was announced by its CEO, Naveen Jindal, during a meeting with the Cameroonian Minister of Mines, Industry and Technological Development ad interim, Fuh Calistus Gentry.
The company Camina SA, majority owned by Jindal, requested state support to develop the road leading to the site in order to facilitate the transport of equipment as well as the supply of natural gas. It has 3 research permits lasting 2 years for iron and related substances over a total area of 938 km². These licenses expire on September 22, 2024 according to the ministry, which does not however mention having issued an operating permit for the future.
The value of the Ngovayang reserve is still not clearly estimated, because if the general report of the International Convention on Mines and Exhibition of Cameroon of May 2024 indicates that ” resources of 111.42 million tonnes of iron ore which will be enriched “, the MINMIDT reports a ” mineral reserve estimated at 800 million t, with iron reserves reaching 300 million t with an average grade of 35% ».
The project includes 3 main components, detailsInvest in Cameroonnamely the mining phase, the iron production unit and a pipeline transport system to the port of Kribi. According to the authorities, it is expected to generate 2,000 direct jobs during the construction phase and another 1,000 during the operations phase, plus 20,000 indirect jobs created in the associated value chain.
