Prime Minister Joseph Dion Ngute launches the construction site of a 50-hectare steel complex this Monday, December 30, 2024 in the port area of Kribi.
1000 billion investment to transform 15% of Mbalam’s iron deposits. Part of the Mbalam iron deposits will be developed locally, in accordance with the strategic option retained by Cameroon and the Cameroon Mining Company. Thus, 15% of this ore, or 77.5 million tonnes, will be transformed for the production of steel. Of the two billion tonnes contained in these deposits, 517 million have an iron content greater than 62.3%.
To realize and operate this steelworks, Cameroon relies on its strategic partner, HUAXIA STEEL, a renowned Chinese company. This will invest 1000 billion CFA francs to develop a 50 hectare site within the industrial zone of the Port of Kribi. Ultimately, this site will become an ultra-modern steel complex, equipped with 16 cutting-edge industrial facilities to process iron ore.
In its first year of activity, the steelworks will produce 300,000 tonnes of steel, with a gradual increase to reach one million tonnes per year.
Thanks to the richness of the raw material, the Kribi factory will guarantee high quality steel. This local production will help reduce the acquisition costs of steel in Cameroon, while opening up opportunities on the sub-regional market, once production costs are fully controlled by 2028.
The operation phase will create nearly 2,000 direct and indirect jobs. The year 2025 will be devoted to studies and obtaining the necessary authorizations to finalize the financing. Construction, planned to take 18 months, will take place between 2026 and 2027. By 2028, the steel mill will be fully operational, offering finished products such as rebar and galvanized sheets.
The project complies with strict standards of social and environmental responsibility. In addition to jobs, it will have a positive impact on the construction and infrastructure sector, including roads and electricity networks.
Elvis Mbimba
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