The new deep sea port at Kribi, Cameroon is evolving into a new world class iron ore supply hub that may see over 100 million tonnes per annum being exported from Kribi port within the next 5 years.
Recent agreements with Avima Iron Ore and Kribi Port have resulted in 3 to 5 mtpa of iron ore shipped via Kribi Port starting this year.
Avima Iron ore Limited, has large storage areas and loading facilities for it’s shipments at the newly built deep sea port of Kribi, Cameroon. “Avima is one of the largest Premium Quality world class iron ore deposits in Africa” said Socrates Vasiliades the executive chairman.
Plans are well underway that will see a new rail built from Avima to a new iron ore terminal at Kribi that can cater for cape size vessels up to 350,000 dwt.
Avima is leading the consortium and is underpinning the rail and port development by committing to fill the minimum capacity required to justify the large capex spend which will run into billions of dollars. There are a number of other iron ore deposits in the area that can also utilize the new rail and port.
“This is a feasible operation as we are mining high grade >65% FE iron ore that doesn’t require processing, then transport by rail and loading capes means we are in single digit freight rates to Asia and Europe. This places Avima in the lowest cost quartile”. Socrates Vasiliades said.
The new supply of high grade coming into the market shouldn’t displace other suppliers as there is growing demand for high grade iron for a number of reasons such as lower carbon emissions and energy savings.
Both Republic of Congo and Cameroon are stable environments and both are committed to expanding their natural resources and infrastructure. Avima’s operations are of strategic benefit for both Republic of Congo and Cameroon.The company enjoys strong political support from both countries. The development of Avima is integral to that of the Central Africa region, as Avima will contribute significantly to the national economies both countries.