The long-delayed Nkamouna cobalt, nickel, and manganese project in eastern Cameroon is facing renewed legal uncertainty after Geovic moved to challenge the withdrawal of its mining permit and warned of potential international arbitration.
In a statement dated January 16, Chris Serin, who identifies himself as chairman of Geovic Cameroon (Geocam), said the company had issued a formal notice of dispute to the Cameroonian state over a project that has remained stuck in pre-production for more than two decades.
Geocam says it holds exclusive rights to the Lomié-Nkamouna site and intends to pursue all available legal remedies. The company maintains that it remains the sole and legitimate holder of mining permit No. 33, granted by presidential decree on April 11, 2003, under a mining convention signed in July 2002 with the state. According to Geovic, neither the permit nor the convention has been lawfully terminated, suspended, withdrawn, or revoked, and no valid notice of default has ever been served.
The company says its response was triggered by public indications that the project may be offered to third parties. It argues that any call for expressions of interest, partner selection, tender process, or attempt to market or transfer the project while the permit remains in force would be unlawful and would breach its contractual and legal rights.
Warning to potential partners
Geovic’s move follows an international call for expressions of interest issued on January 9, 2026, by the National Mining Corporation (Sonamines), which is seeking new technical and financial partners to revive the stalled project.
In its notice, Sonamines said the mining permit granted to Geocam in April 2003 had been withdrawn by the state on February 25, 2025, citing the company’s failure to move into the production phase after 23 years. Under Cameroon’s mining code, the permit was subsequently transferred to Sonamines.
Geovic has now cautioned prospective bidders. In its statement, the company said any third party engaging with the project would do so “at its own risk” and with full knowledge of the dispute. It added that certain technical and feasibility studies remain its property and cannot be used without its express written consent. Geovic also said it may formally notify investors, bidders, lenders, insurers, and advisers that the project is subject to a dispute and potential international arbitration.
While keeping the door open to negotiations, the company made clear it is prepared to escalate the matter. Geovic said it reserves the right to initiate international arbitration and seek full compensation for unlawful interference, expropriation, and loss of project value if the issue is not resolved swiftly, while remaining open to an amicable settlement with the Cameroonian authorities.
Unresolved questions over asset transfers
The dispute also raises questions about Geovic’s current position. Since 2022, the junior miner has announced plans to divest all assets linked to the Nkamouna project. Communications have cited Phoenix Mining and later Cloudbreak Holding as potential buyers, both represented by the same U.S.-based executive, Justin Lowe.
In that context, any claim to exclusive rights would normally fall to the acquiring entities rather than to Geocam itself, unless the transactions announced in 2022 were incomplete or legally contested.
On the industrial front, recent studies estimate the deposit holds around 121 million tons of mineral resources, with average grades of 0.23% cobalt, 0.65% nickel, and 1.35% manganese. Initial official estimates put required investment at about CFA300 billion. At full capacity, the project is expected to create around 800 direct jobs and nearly 400 indirect jobs.
Interest is focused primarily on cobalt, a key material for electric vehicle batteries and electronic devices, where global demand continues to rise. Nkamouna is often presented as a project that could allow Cameroon to enter the global cobalt market, currently dominated by the Democratic Republic of Congo.
Brice R. Mbodiam
