Yakadouma, Cameroon Africa. December 2010  (Cameroon News)  -  South Korean Company stated that it has got the confirmation for developing a diamond mine in Cameroon.

C&K Mining In Yakadouma

Cameroon’s government has offered the final confirmation to a South Korean company’s proposal to deploy a diamond mine in the county and have also accepted their bid for the same; Seoul’s foreign ministry told the media on Friday.

C&K Mining a company based out of S Korea had secured all relevant approvals in July to develop a diamond mine located in the vicinity of the southeastern town of Yakadouma for a contract that spanned for 25 years until 2035. The ministry said President Paul Biya validated the license and guaranteed final approval this Thursday.

The South Korean firm presently will hold a 65 per cent stake in the mine, and the remaining 35 per cent will belong to the Cameroon’s government. The license would expire after a period of ten years and will need to be renewed every time it expires the ministry said.

The 236-square-kilometre (94 sq mile) mine is estimated to bridge South Korea’s demand and supply gap for industrial diamonds, which is estimated to be close to six million carats per year.

“This is a super high value-added industry that promises a profit of at least 50 times the cost,” it quoted an official as saying on condition of anonymity.

Cameroon Diamond Mining Industry – South Korea CK Mining develop Diamond Mine Yakadouma