A new public company is born in Cameroon! Due to a decree signed on December 14th, 2020, President Paul Biya has created the National Mining Corporation (SONAMINE).
This new company, which replaces CAPAM (Support and Organization of Mining Crafts), has the State as its sole shareholder, but its capital may be open to other public or private entities.
Its head office is based in Yaoundé, but may be transferred to another city at the request or by decision of its general assembly.
Its missions consist, among others, in liaison with other competent administrations and bodies, in: carrying out the inventory of mining indices, conducting studies related to the exploration and exploitation of mineral substances, carrying out purchasing operations and marketing of mineral substances on behalf of the State, carry out mining and exploration activities for mineral substances, manage questions relating to mining sites, participate in monitoring contracts between the State and mining companies, contribute to the contribution of transparency in the mining sector.
It exclusively provides operations for the purchase and marketing of gold and diamond in Cameroon.
SONAMINE is placed under the dual technical supervision of the Ministry of Mines and the Ministry of Finance. The company is made up of a general assembly, a board of directors and general management. The chairman is the Minister of Finance.
The statutes of SONAMINE will be approved by a decree of the President of the Republic. The activities of SONAMINE, six months after their start, put an end to the activities of CAPAM.