Cameroon’s Critical Minerals Opportunity: Building Investor Confidence – News and Statistics

Aug 31, 2026

Cameroon stands at a pivotal juncture, with the accelerating global hunt for critical minerals offering a unique chance to convert its largely untapped mineral riches into foreign capital. The author, Rew R. Goodenow, a US Fulbright Specialist, spent April and May 2026 lecturing at the International Relations Institute of Cameroon on US-Cameroon commercial law. Through conversations with students, faculty, and government officials about mining transactions, a nuanced picture emerged: the nation possesses considerable geological promise and a stated interest in foreign investment, yet converting that promise into reality hinges on its ability to foster investor trust.

The government has integrated the opening of its mining sector to outside capital into a broader development blueprint aimed at transforming the country by 2035. A key milestone was the comprehensive overhaul of its mining regulations via Law No. 2023/014 of 19 December 2023, which established the new Mining Code. While exploration initiatives are active and both operating and former mines exist in established zones, vast and prospective areas remain untouched or insufficiently explored, leaving ample ground for new ventures. For companies willing to enter a nascent jurisdiction, these conditions offer genuine prospects.

Minister of Mining, Industry and Technological Development Fuh Calistus Gentry, who previously worked in the private mining sector globally, met with the author multiple times to discuss mine development and permitting. He has been open about the sector’s strengths and hurdles. The administration is now deliberately promoting new mining investment and growth. It has also acted to combat illegal gold mining, which had hindered tax collection, raised security issues, and made output hard to track. Shifting more activity into the formal economy could benefit legitimate operators and enhance state oversight.

Critical minerals are found in various parts of the country, sometimes linked to specific gold systems, at a time when global demand for secure supplies is intense. Geochemical mapping funded by the World Bank under the PRECASEM program, utilizing the Flexicadastre system, has pinpointed deposits such as iron ore, bauxite, gold, diamonds, rutile, manganese, limestone, nickel, and cobalt. According to Chapter III, Section 4 of the Mining Code, all mineral substances belong to the state. Additional research and airborne surveys are necessary, especially in the North, Northwest, and Southwest regions. The latter two feature geology tied to the Cameroon Volcanic Line, along with numerous shear zones and fault planes that could be favorable for critical minerals and gemstones.

A framework exists for companies aiming to explore and eventually develop these resources. Licence procedures are accessible via the Ministry’s website, and applicants for exploration licences must show prior experience. Exploration permits last three years and can be renewed up to three times for two-year periods, allowing a maximum of nine years if the holder demonstrates progress. Extensions need Ministry approval, as outlined in Mining Code Section 33, Paragraph II. Permit holders must also sign a mining agreement with the state per Section 40. Separate permits are required for mining waste and water treatment. Waste regulation is crucial because crude tools and outdated methods in illegal mining can leave significant mineral content, including gold, behind. A prefeasibility study following JORC standards is needed to start the process for a commercial mining permit under Section 87, Part V, Chapter II. An environmental study must be finished before an operating licence is granted, and mining operations can be approved for up to 20 years.

The legal framework includes provisions that should attract international investors. Commercial mining rights can be transferred for purposes such as collateralizing financing and farm-outs under Section 79, Part V, Chapter I. Foreign entities may participate, but mining permits are granted only to companies incorporated in Cameroon, although a local subsidiary can be fully owned by a foreign parent. One condition, however, warrants close examination: a representative from state-owned SONAMINES must sit on the board of any new licensee. This raises potential fiduciary issues, as SONAMINES is both an active explorer and miner and also responsible for collecting taxes from mining operations. International investors will seek clarity on how these dual roles are managed and conflicts addressed.

Transparency poses a similar challenge. The Mining Code mandates transparency, including disclosure of payments to the state under Section 107, Chapter VI. Yet, mining operating permits require approval from the Office of the President before the Minister of Mines can sign them. This process remains somewhat unclear, though efforts to streamline it are ongoing. For international miners considering large, long-term investments, predictable timelines, clear authority, and transparent decision-making can be as important as the geology itself.

Cameroon has maintained relative political stability in a volatile region, while much of its mineral potential stays underdeveloped. This combination offers something increasingly rare in global mining: significant geological opportunity at an early stage of development. But resources alone will not secure investment. The country can improve its position by continuing to align its Mining Code and permitting practices with international norms, reducing uncertainty, and showing that legitimate operators can secure and retain mineral rights through a transparent and predictable system. If successful, Cameroon could transition from a neglected mining destination to a notable player in the global race for critical minerals.