A presidential Decree N° 749 was signed on 14 December 2020 creating the National Mining Corporation (SONAMINES) in Cameroon. This new establishment, which is a public corporation, will henceforth develop and promote the mining sector in Cameroon, with the exception of hydrocarbons and quarry materials.
Particular activities and duties of SONAMINES include:
– carrying out the inventory of mining showings, in conjunction with other relevant government services and bodies;
– conducting studies on the exploration and exploitation of mineral substances, in conjunction with other relevant government services and bodies;
– carrying out mineral substance purchase and marketing transactions on behalf of the State;
– carrying out mineral substance exploration and exploitation activities;
– promoting the processing and packaging of mineral substances;
– ensuring the implementation of measures relating to the restoration, rehabilitation and closure of mining sites, in conjunction with other relevant government services;
– acquiring shares in companies involved in the exploration, exploitation, marketing, treatment and processing of mineral substances through contributions, sponsorship, subscriptions, purchase of corporate securities and/or rights, alliance and/or joint venture;
– participating in negotiations and monitoring the execution of contracts signed between the State and mining companies, in conjunction with the other relevant government services;
– collecting and preserving documentation on mineral substances and mining activities, in conjunction with the ministry in charge of mines;
– contributing to the promotion of transparency in the mining sector;
– contributing to the promotion of geological and mining information, in conjunction with the other relevant government services;
– carrying out all commercial, industrial, capital, real estate and financial transactions directly or indirectly linked to its corporate purpose or that can foster its development;
SONAMINES has the exclusive mandate to conduct gold and diamond purchasing and marketing operations on the national territory, in accordance with the conditions laid down by regulation.
The technical aspects of SONAMINES shall be under the supervisory authority of the ministry in charge of mines, meanwhile the financial aspects of SONAMINES shall be under the supervisory authority of the ministry in charge of finance.
Vanessa Halle, Esq.,
Partner | IP Attorney
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