Geovic Committed To Investing $10M On Cameroon Mining - CEO
Last update: 7:37 a.m. EDT April 20, 2009
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YAOUNDE, Cameroon, Apr 20, 2009 (Dow Jones Commodities News via Comtex) -- U.S.-based Geovic Mining Corp. (GVCM) plans to invest $10 million prospecting to mine for cobalt, nickel and manganese in eastern Cameroon, the firm's chief executive John E. Sherborne told state-run daily Cameroon Tribune Monday.
Sherborne said the global financial crisis "has had an impact but we're still committed to spend at least $10 million this year on the Nkamouna project, despite all the problems that we've. We will preserve and complete the project."
He said that, despite huddles crated by the global financial crisis, Geovic wouldn't abandon the project.
"The deposit we've found in Cameroon has the potential of being the world's largest primary cobalt deposit...has unique characteristics that would allow us to recover the metals even under difficult economic conditions and low metal prices," he said.
Geovic sees an annual output of 4,200 metric tons of cobalt and about 2,000 tons of nickel for at least two decades from the Nkamouna mining fields.
Last Wednesday, Sherborne said his company was searching for strategic Chinese or Indian partners.
Geovic Mining holds 60% of Geovic Cameroon with the rest held by the Cameroon government and local investors.
-By Emmanuel Tumanjong, contributing to Dow Jones Newswires; +237-7773-1930; tnuel@yahoo.com
(END) Dow Jones Newswires
04-20-09 0737ET |
