(Business in Cameroon) – Oriole Resources, which holds an exploration license for the Mbe gold project in Cameroon’s Adamaoua region, announced the signing of a financing agreement with its Ghanaian partner BCM Group to fund drilling operations at the site.
The deal involves two funding tranches. The first, worth $900,000 (about CFA548 million), will be released by BCM Group in three equal payments starting in November 2024, according to Oriole Resources. The second tranche, valued at $300,000 (about CFA180 million), will be provided directly by Oriole Resources. In total, CFA720 million will be mobilized by December 2024 to implement the project.
“This agreement with BCM will enable the execution of an initial 2,950-meter diamond drilling program, fully funded at the MB01-N site, starting in December 2024,” the British company stated.
The partnership between Oriole Resources and BCM Group, concluded ahead of the resumption of exploration in 2024, also includes a potential equity stake for BCM in Oriole’s gold projects at Mbe and Bibemi, where the company currently holds 90% of the exploration titles. The Ghanaian group has committed to invest more than CFA2 billion in these projects in exchange for a 50% stake in the Mbe permit.
“At the same time, we will intensify negotiations with the Cameroonian government to obtain an exploitation license,” said Oriole Resources CEO Martin Rosser.
The partnership represents a key milestone in developing the gold potential of the Mbe site, considered one of the most promising deposits in central Cameroon.
