19, April 2018
UK investor to develop mall in Cameroon 0
British private equity firm Actis is investing in a £200m mall and business park in the central African country of Cameroon.
Planned for the city of Douala, the 18,000-sq-m Douala Grand Mall and Business Park will have a Carrefour supermarket, a multiplex cinema, restaurants and shops. A second phase will include a five star hotel and office spaces.
Douala is the commercial capital of Cameroon, with a population of just under 2.5 million. British High Commissioner to Cameroon, Rowan Laxton, laid the foundation stone for the mall on 11 April with Cameroon’s Minister of Commerce, Luc Magloire Mbarga Atangana.
According to the High Commission, the project is funded by the British Investment Fund-Actis, and is being carried out with a local real estate developer, Craft Development.
The scheme is expected to create 4,500 local jobs, with construction scheduled for completion by the end of 2019. “This diversification of portfolio in Cameroon (investing beyond power sector) is a remarkable signal that Cameroon is a good business destination for multinationals like Actis,” said Rowan Laxton.
“As the British High Commissioner, I feel encouraged to persuade more UK investors to come.” Spun out of a UK government investment vehicle in 2004, Actis invests in growth markets across Africa, Asia and Latin America.
Source: Globalconstructionreview
22, April 2018
Yaounde bans three Chinese mining companies 0
The Cameroonian authorities have banned mining operations of three Chinese companies for non-compliant with contractual terms. Cameroon’s Ministry of Industry, Mines and Technological Development said on Saturday.
The companies, Hong Kong, Peace Mining and Lu, and Lang, the ministry said would no longer perform gold panning activities in the region of East-Cameroon.
The government ordered the companies to leave Cameroon. It appeared from the statement that Hong Kong company did not have documents authorizing it to carry out mining activities.
As for the Peace Mining and Lu and Lang companies, their departure is linked to a series of conflicts recorded between their employees and local populations which have resulted in deaths, in addition to the non-respect of the environment, according to the statement.
These companies reportedly contributed significantly to the degradation of the environment through the diversion of rivers, and obstruction of rivers by mud, which has had a negative impact on agriculture and livestock.
According to some NGOs, the gold exploitation activities in Cameroon of Chinese companies had caused the death of 34 people in 2017.
Besides, just for the first three months of the current year, several people have died as a result of landslides and land erosion.
Source: APA