Cameroon to build gold reserves for its Treasury this year

According to sources, Cameroon, which plans to build up gold reserves in its Treasury by the end of this year 2014, has already initiated the process on different sites in the region of the East of the country.

The Coordinator of support framework in mining (CAPAM), Jean-Marcel Essomba, who made the revelation, explains that the process consists of buying back gold mining artisans by the structure that he heads.

"This operation of re-buying gold from Cameroonian mining craftsmen started in recent years under the name 'Operation Gold'. It took a boost this year where the CAPAM has been authorised to remove directly from different sites, 15% of the production of all artisans and industrialists operating in the mining fields of Cameroon", recalls Jean-Marcel Essomba.

Supporting the action of CAPAM in the field, the Cameroonian Government has mobilized the sum of a billion CFA FRANCS placed at the disposal of this structure for these operations of purchase of gold.

CAPAM is a program of the Cameroonian Government, placed under the supervision of the Ministry of Mines, in order to channel in the formal system, more than 100 kg of gold officially produced in Cameroon every year, while 90% of the cargo passed in informal channels, particularly because of the traffickers who are rife in the mining sites.