The interim Minister of Mines, Fuh Calistus Gentry revealed during the ceremony that the operation produced 500 24-carat gold bars, with a total mass of 500.86 kg, as well as silver and copper. On the basis of the joint Minfi (Ministry of Finance) – Minmidt (Ministry of Mines) decree of June 1, 2015, the Former Capam (Support framework for mining crafts) channeled and collected on behalf of the State about 778.04 kg of merged gold.
In addition to these 500.86 kg of refined gold already prepared for the constitution of the country’s reserves, the government should soon refine a new shipment of 218.5 kg of raw gold collected in just 16 months of activities by the National Mining Company (Sonamines). The public company takes over the activities of CAPAM, a government program once intended to promote and develop semi-mechanized artisanal mining in the country.
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With this first refined gold stock, Cameroon is taking an important step in its Gold project, launched in 2012. According to the officials, the main objectives of this project are to collect from mining companies the share of gold going to the State, according to the provisions of the Mining Code ; and to hand it over to the Public Treasury, which will then be in charge of making ingots to the standards required for the constitution of the country’s gold reserves with the central bank.
Initially focused on collecting and handing over to the State its share of gold produced in the mining fields of Cameroon, the Gold project was revived from June 13, 2013, with the establishment by the Minister of Finance, Louis Paul Motazé, “responsible for the management and constitution of the strategic gold stock of the State”. Speaking at the event, the minister of finance recalls that the working group is responsible for monitoring the operations of refining the gold material into monetary gold, according to the standards of the London Bullion Market.
Indeed, analyzes the aforementioned platform, “in times of economic uncertainty or financial market volatility, the precious metal fully plays its protective role. In addition, holding gold allows central banks to increase confidence in their currency and their national economy. The central banks, like many investors, thus choose the yellow metal as a hedge against the erosion of the currency caused by rising prices.