Generation Partners acquired 6,000 square km of greenfield iron ore mining licenses directly from the Government of Cameroon in 2010 and brought in world-class mining management firm Plinian Capital, headed by Brad Mills ex-CEO of Lonmin plc and BHP Base Metals, to develop and operate the company.
In less than two years, the company was listed on the London Stock Exchange AIM Market as West African Minerals Corporation (symbol WAFM:LN) and is expected to become one of the leading iron ore producers in West Africa.
Through its indirect wholly-owned subsidiary Compagnie Minière du Cameroon SA (CMC Cameroon), the Group holds 100% interest in six permits for the exclusive rights to explore for iron ore and associated minerals in areas referred to as Binga, Minko, Sanaga, Lélé, Dja and Djadom in Cameroon covering a total area of approximately 6,000 square kilometres (the “CMC Permits”). All the permit areas lie nearby either existing railway lines or a proposed railway line from Mbalam to Kribi.
The regional prospectivity of southern Cameroon is demonstrated by significant iron ore exploration activity that is currently occurring within the region. The CMC Permits are situated in southeastern and southwestern Cameroon, on the northern edge of the Congo Craton.
The Group is targeting potentially high tonnage, 60-65% Fe content, hematite-rich mineralisation, that is regionally known to occur as a cap overlying, and derived from, weathering and oxidation of the underlying banded iron formations (BIF).
The Company has received correspondence from Mr. Emmanuel Bonde, the Minister of the Ministry of Industry, Mines and Technological Development and the Secretary General of the Ministry of Industry, Mines and Technological Development confirming the Republic of Cameroon’s commitment to providing the necessary infrastructure to support all mining in the country, and ensuring all operators will have access to the infrastructure on equal terms, including the proposed harbour and railway infrastructure, once completed.