Cameroon’s Gold Rush: The New Frontier for Investors

British junior mining company Oriole Resources has announced the discovery of an additional 2.5 tons of gold at its Bibémi project in northeastern Cameroon. This brings the total inferred resource at the Bakassi Zone 1 prospect to approximately 375,000 ounces, with an updated estimate expected in Q2, 2025 following the completion of a fifth drilling phase.

The Bibemi project, covering 177 km², is Oriole Resource’s most advanced in Cameroon and reflects a broader trend by international mining firms seeking greater production in the country. The project is part of a strategic partnership with BCM International, which is investing up to $4 million in exploration expenditures. As mining corporations expand their investments, Cameroon’s gold sector is expected to continue witnessing strong growth, driven by institutional reforms, growing private investment and infrastructure development.

Exploration and Project Development

Cameroon’s gold sector is undergoing a transformation, with investments aimed at structuring and modernizing gold exploitation. According to Gabriel Dodo Ndoke, the country’s former Minister of Mines, only 40% of the country’s mining potential is currently known. This underlines the vast opportunities for exploration and development within the sector. To unlock these opportunities, the Cameroonian government has set a broader strategy to promote industrial-scale mining, as outlined in the country’s National Development Strategy 2020–2030.

A notable project is the Colomine underground gold mine in the East Region, which is 90% complete as of May 2025. Developed by state-owned National Mining Corporation (SONAMINES) and mining company Codias, this will be Cameroon’s first underground gold mine, with initial production expected by the end of the year. According to the project’s feasibility study, this unit is expected to produce 500 kg of gold annually, with a potential output of 480,000 tons. Additionally, the government signed a deal with indigenous Cameroon Mining Company (CAMINCO) for the exploitation of the Mborguene gold deposit, also situated in the East Region, in March 2025. Supported technically and financially by Chinese mining company Shandong Gold, the project spans 500 km² and is estimated to contain two million tons of gold-bearing ore.

To accelerate gold production, the Cameroonian government has also intensified exploration efforts. Between January and April 2024, the Ministry of Mines issued five gold exploration permits to companies such as Bocom, G-Stones, Sodea Mining and Zenith Mining Cameroon. These permits cover areas in the North, South, East and Adamawa regions, reflecting growing interest in Cameroon’s gold potential.

Regulatory Reforms Boost Processing

To foster a stable and transparent business environment for investors, the Cameroonian government has implemented a comprehensive strategy aimed at creating a virtuous cycle in gold exploitation. A key milestone was the adoption of a new mining code in December 2023, which introduces a clearer regulatory framework and reinforces state oversight. The code mandates up to 10% state participation in mining companies and grants SONAMINES exclusive rights to purchase and market gold and diamonds. It also introduces production-sharing agreements to ensure equitable benefits for the state.

SONAMINES collected 640 kg of gold in 2024, contributing to the build-up of national strategic reserves and reinforcing the state’s role in the formal gold trade. Currently, the country’s gold output lacks the refinement necessary to meet the stringent criteria of the London Bullion Market, limiting its potential for raising capital. In response, SONAMINES plans to establish a gold refinery to produce bullion that complies with global benchmarks. Complementing this effort, Cameroon inaugurated its first enclosed gold processing unit on April 5, 2024, in Ketté, East Region. Developed in partnership with Chinese firms Xin Wang and Yucam, alongside Codias, this facility boasts a processing capacity of up to 500 tons of ore per day and achieves gold recovery rates exceeding 90%.