Five banks have agreed to provide more than CFA41 billion ($68 million) in financing for the Grand-Zambi iron ore project in southern Cameroon, a move expected to accelerate one of the country’s most closely watched mining developments and boost export revenues from the central African nation.
The funding package will support G-Stones Resources, the developer of the Grand-Zambi iron ore deposit, and is being provided by a consortium of local lenders led by Afriland First Bank, alongside BGFI Bank, UBA, Commercial Bank of Cameroon and CCA Bank.
Under the agreed structure, the loans will be refinanced through a special facility operated by the Bank of Central African States (BEAC), known as “window B,” which is dedicated to financing productive sector projects across the Central African Economic and Monetary Community, or CEMAC.
The activation of the facility was approved by BEAC’s Monetary Policy Committee at a meeting held in Yaoundé on December 15, 2025, reflecting the central bank’s push to channel more credit into mining, industry and infrastructure in the region.
However, BEAC said access to the facility would be conditional. In a statement following the meeting, the central bank said the mobilisation of the funds would depend on G-Stones completing or simultaneously increasing its self-financing contribution from CFA26.7 billion to CFA27.5 billion, and on a written commitment that the borrowed funds would be used exclusively for the construction and operation of the Grand-Zambi iron mine.
Afriland First Bank, acting as lead arranger, is expected to contribute CFA16.5 billion, making it the largest single lender in the deal. BGFI Bank Cameroon will follow with CFA8.1 billion, while UBA and CBC are set to provide CFA6.6 billion and CFA5.7 billion respectively. CCA Bank will supply the remaining CFA4.1 billion.
The CFA41.2 billion financing package represents around 60 percent of the project’s total estimated cost of CFA68.7 billion, excluding working capital needs valued at a further CFA7.9 billion.
G-Stones Resources is controlled by Cameroonian businessman Dieudonné Bougne and holds a 14-year mining permit for the Grand-Zambi deposit, located in Cameroon’s South Region near the border with Equatorial Guinea.
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According to company data, proven reserves at Grand-Zambi are estimated at about 150 million tonnes of iron ore, with an average grade of 29.45 percent. Once fully operational, the mine is expected to produce around 1.3 million tonnes of iron ore concentrate annually for export, positioning it as a significant contributor to Cameroon’s mining output.
The company says it already has about 600,000 tonnes of raw ore stockpiled on site, ready for processing, under an open-pit mining operation. The new financing is expected to fund processing facilities, supporting infrastructure and early-stage operations.
Exports of the iron concentrate are planned through the deep-sea port of Kribi, even though the port does not yet have a dedicated mineral terminal. Port authorities have said existing infrastructure is sufficient to handle initial shipments.
Patrice Loumou, head of planning and industrial development at the Port Authority of Kribi, said the port was ready to support the project. Speaking in Douala in May 2025, he said the commissioning of a second container terminal had tripled capacity over seven years, allowing the port to accommodate new bulk and containerised cargoes.
Cameroon’s government has identified mining as a key pillar of its industrialisation strategy, alongside agriculture and energy, as it seeks to diversify an economy long dependent on oil, timber and cocoa.
Analysts say the Grand-Zambi financing highlights a broader shift within the CEMAC region toward using regional monetary tools to unlock long-term funding for capital-intensive projects, even as banks remain cautious about commodity price volatility and infrastructure constraints.
If successfully executed, the Grand-Zambi project could strengthen Cameroon’s export base, generate jobs in the underdeveloped south, and test the effectiveness of BEAC’s “window B” as a catalyst for industrial growth in Central Africa.
Cameroon has long identified mining as a strategic pillar for economic diversification, but progress has been slow due to limited infrastructure, financing constraints and regulatory bottlenecks. While the country is better known for oil, timber and agricultural exports, geological surveys have confirmed the presence of significant mineral resources, including iron ore, bauxite, gold and diamonds, particularly in the southern and eastern regions.
The Grand-Zambi iron ore deposit, located in Cameroon’s South Region, is one of the most advanced iron projects in the country. The site lies relatively close to the Atlantic coast, making it commercially attractive compared with landlocked deposits elsewhere in Central Africa. G-Stones Resources, controlled by Cameroonian businessman Dieudonné Bougne, holds a 14-year mining permit for the deposit and has spent several years on exploration, feasibility studies and early mine development.
Official estimates put Grand-Zambi’s reserves at about 150 million tonnes of iron ore, with an average grade of roughly 29.5%, suitable for beneficiation into exportable concentrate. The project is designed as an open-pit operation, with annual production targeted at around 1.3 million tonnes of concentrate once fully operational. The company says it has already stockpiled hundreds of thousands of tonnes of raw ore on site, underlining its readiness to move into large-scale production.
Financing large mining projects has been a major hurdle across Central Africa, where commercial banks have traditionally been reluctant to commit long-term capital to extractive ventures. To address this, the Bank of Central African States (BEAC) introduced special refinancing mechanisms aimed at supporting productive sectors. One of these is the so-called “window B” facility, which allows commercial banks to refinance loans extended to eligible projects in sectors such as mining, agriculture and industry across the CEMAC zone.
The activation of “window B” in December 2025 marked a policy shift by BEAC toward more proactive support for investment-led growth, at a time when governments in the region are under pressure to create jobs and expand non-oil revenues. However, the central bank has also imposed strict conditions, including higher self-financing requirements and clear commitments on the use of funds, reflecting concerns about credit risk and project execution.
Exports from Grand-Zambi are expected to pass through the deep-sea port of Kribi, Cameroon’s flagship maritime infrastructure project. Although the port does not yet have a dedicated mineral terminal, authorities say its expanded container and multipurpose facilities can handle initial iron ore shipments. Kribi is central to Cameroon’s ambition to become a regional logistics hub for mining exports from southern Cameroon and potentially neighbouring countries.
Overall, the Grand-Zambi project is seen as a test case for Cameroon’s mining policy, regional central bank financing tools, and the country’s ability to translate mineral potential into sustained industrial and export growth.
