Bloomberg cited Mr Fang Gao, a spokesman for the company as saying that Sinosteel Cam SA, a unit of China’s Sinosteel Corp plans to spend USD 660 million at the Lobe iron ore project in Cameroon.
Mr Fuh Calistus Gentry secretary of state at the Ministry of Mines, Industries and Technological Development said that Sinosteel Cam and the central African nation’s government will sign a development deal for the project, 40 kilometers from the seaside town of Kribi, where a port is being constructed.
Mr Gentry and Mr Gao spoke in separate interviews in Cameroon’s capital, Yaounde.
Mr Gentry said that the company has conducted feasibility studies, and will be issued a production license.
Mr Gao said that annual production is seen at 4 million tonnes over 25 years.
