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Press Release
US company Hydromine and the government of Cameroon signed an agreement.
Yaounde, March 5, 2009
The Embassy of the United States congratulates the Government of Cameroon and Hydromine on the agreement that was signed earlier today by the Minister of Energy and Water, His Excellency Jean Bernard Sindeu, and the Chairman of Hydromine, Peter Briger. The agreement calls for Hydromine to carry out a feasibility study with a view to developing the hydroelectric potential that exists along the Sanaga River at Mbakaou and Pont Rail.
Cameroon boasts the second greatest potential to generate hydroelectric power on the continent of Africa, but much of that potential remains untapped. This project is an important step towards transforming that potential into reality, to generate power to be consumed by Cameroonian households and businesses, including a planned-for integrated industry for bauxite alumina.
This agreement is particularly important in light of the Government of Cameroon’s long-term development plans and recent discussions regarding Cameroon’s potential to become a regional power provider. The development of facilities at Pont Rail is a component of Cameroon’s Power Sector Development Plan-Horizon 2030 (PDSP-2030) plan, which aims to develop lowest-cost power generation, and will have added benefits for future projects through greater regulation of the Sanaga River. The conclusion of this agreement, coming as it does in the context of a challenging global economic environment, is a reminder of the vital role that foreign direct investment will play in realizing Cameroon’s development agenda.
The Embassy of the United States thanks the Minister of Water and Energy and the Chairman of Hydromine and their respective teams for their hard work and dedication to advance Cameroon’s economic development agenda through the completion of this agreement. The United States Embassy remains committed to fostering an enhanced economic relationship between the United States and Cameroon, especially through mutually-beneficial direct investment projects.
Hydromine is an American company specialized in natural resource development projects. In Cameroon, Hydromine has partnered with Hindalco and Dubal to form Cameroon Alumina (CAL), with the aim of developing bauxite resources in the Adamoua Region. Hydromine is engaged in natural resource and mineral exploration and exploitation projects, and in particular in energy generation projects through the implementation of durable resources and technologies in order to provide energy at least cost while respecting the environment.
For further information, please contact the Information Section of the U.S. Embassy, Yaounde, Tel. 22-20-15-00, x4162 or x4273.
