The National Mining Company of Cameroon (Sonamines) marks a step forward in the management of mineral resources by transferring 420 kg of gold to the public treasury. This transfer, corresponding to 224 ingots, strengthens national reserves and illustrates the State’s desire to maximize tax revenues from artisanal mining.
Sonamines, created in 2020 to structure the mining sector in Cameroon, has just taken a significant step in favor of public finances. By transferring 420 kg of gold to the Public Treasury, the company strengthens the national strategic reserves and illustrates the progress made in the collection of the Synthetic Mining Tax Liberatory (ISML). This tax, established by the Mining Code of 2016, imposes a royalty of 25% of gross production on artisanal mining sites. The transfer of this gold, covering the period from January 2023 to July 2024, brings to 638 kg the total quantity returned to the State since the launch of operations in 2021, with an estimated value of approximately 27 billion FCFA.
Under the leadership of Serges Hervé Boyogueno, Sonamines has established itself as the Single Trading Post for gold marketing in Cameroon. This status reinforces its role as guarantor of national interests in the mining sector, allowing it to control and monitor production and marketing activities. This increased regulation aims to combat financial losses caused by a lack of control in the production chain, which deprive municipalities and the public treasury of significant tax revenues.
Cameroonian gold, although potentially rich, benefits private companies more than the populations and the State. Sonamines’ mission is to reverse this trend by fully integrating the mining sector into the country’s economic development. Its objective is ambitious: to transform an underexploited sector into a real engine of growth. With this in mind, the company is multiplying initiatives to increase the impact of mining on the Gross Domestic Product (GDP), in particular by raising awareness among operators of the importance of complying with tax obligations.
At a workshop last July, Boyogueno encouraged Sonamines staff to embrace the organization’s vision for 2030, which is to become “a major player and catalyst for mining development in Cameroon.” This vision is based on values such as professionalism, integrity and responsibility, which will guide Sonamines’ actions to sustainably transform the mining sector. Beyond the simple transfer of resources, the challenge is to ensure sustainable development of the mining sector, by maximizing its impact on Cameroon’s economic well-being.
The transfer of 420 kg of gold to the Public Treasury symbolises Sonamines’ progress in regulating and structuring the Cameroonian mining sector. With revised legislation and a desire to strengthen controls, the company intends to play a key role in the country’s economic future, contributing to growth and the stability of public finances.
