On July 1, Cameroon's president Paul Biya signed a decree granting Sinosteel Cam SA, a subsidiary of China's Sinosteel, a mining license for the Lobé iron deposit in Kribi.

In Cameroon, the mining sector represents less than 1% of GDP and less than 0.1% of exports. However, the country has immense resources, particularly iron and bauxite, whose exploitation can make it one of the most important sectors in the local economy. According to the local media Invest in Cameroon, the decree signed is a first in terms of iron ore production in the Central African country. This mining title covers an area of 138 km² with an estimated mineral potential of 632.8 million tons of iron ore.

It should be noted that the granting of the mining title follows the signing of a mining agreement between the State and the Chinese partner last May. This agreement, initially for 10 years, provides for the annual production of 4 million tons of iron ore enriched to 60%, which will then be shipped via the port of Kribi. Expected annual revenues from the Cameroonian state are estimated at $22.9 billion, not including taxes and dividends. This financial contribution to the project has caused controversy in Cameroon, as it was considered insufficient by some citizens and part of the political class.