UK-based iron ore mining-focused investment company International Mining & Infrastructure Corporation (IMIC) has announced its plans to accelerate to development of its Ntem iron ore project in Cameroon.Since its acquisition of Afferro Mining in December 2013, IMIC has been considering the feasibility of accelerating the development of the Ntem project.
The company anticipates 4 million mt of annual iron ore concentrate production from the project. The iron ore concentrate will be delivered to Kribi Port which is under construction and is expected to be commissioned in July of the current year.
The project's capital costs amount to about $500 million, which is expected to be financed through debt. The company said that approximately 80 percent of the capital expenditure cost will be financed through debt and the remainder will be done through equity.