- Oriole Resources
- 29 January 2025 14:56:42
Source: Sharecast
The AIM-traded company, which initially explored the site for gold, said it had shifted focus after sampling revealed high-grade carbonate material suitable for use in the cement industry.
An approval for a change in exploration focus from gold to limestone was granted in September 2023, but work had been on hold pending the licence renewal.
With the extension now in place, Oriole said it was seeking an industrial minerals partner to advance Wapouzé towards commercial production.
The firm said it saw potential demand for limestone products in Cameroon’s £700m cement industry, which currently relies heavily on imported clinker.
In addition to cement, Oriole noted that limestone could have applications in Cameroon’s developing gold mining sector, where products such as hydrated lime and quicklime were used in ore processing, cyanide reduction, and wastewater treatment.
The company said it was aiming to structure a royalty-based agreement on future material extraction, which could provide a long-term revenue stream from the project.
“The renewal of the Wapouzé licence is very good news and we are hopeful that we will be able to attract an industrial minerals partner to determine a commercially viable limestone deposit and fast track it through to commercial exploitation,” said chief executive officer Oriole Resources.
“In turn, this could generate significant royalty income to Oriole, provide a diversified revenue stream, and would be a win-win for the Company and Cameroon, as the government is keen to reduce the country's reliance on importing clinker for use in cement manufacture.”
At 1358 GMT, shares in Oriole Resources were up 2.04% at 0.25p.
Reporting by Josh White for Sharecast.com.