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Mining corporation SONAMINES seeks statutory and alternate auditors

In Cameroon, the newly created mining corporation SONAMINES is seeking one statutory and one alternate auditor, according to a tender document recently issued by the corporation’s Director-General Serge Hervé Boyogueno.

The document indicates that the positions are open for “chartered accountants (natural or legal persons) approved in the CEMAC region and registered with the Institute of Chartered Accountants of Cameroon  (ONECCA).” “They must have at least 15 years of experience,” the document adds. Also, the interested candidates are expected to send their applications to the Ministry of Mines by June 1, 2021.

The selected candidates will serve as SONAMINES’ auditors for a three-year term, renewable once. As required by law, they will audit the corporation’s financial statements for fiscal years ending December 31. At the board of directors’ request, they can give their opinions on the interim accounts closed on a given date.

Established on December 14, 2020, SONAMINES will review Cameroon’s mining indices in collaboration with competent administrations and agencies. It will also explore and exploit mineral substances, ensure the implementation of measures relating to the restoration, closure, and renovation of mining sites as well as take a shareholding in companies operating in the mineral substances exploration, exploitation, marketing, treatment, or processing. The corporation may do so by contributing capital or buying shares.

Placed under the supervision of the Ministry of Mines, SONAMINES was established to address the various problems identified in mineral exploitation in Cameroon. According to the Artisan Mining Support and Promotion Framework (CAPAM), the Cameroonian public treasury loses about XAF1 billion every month because mining companies hide the real volume of mineral resources they produce. Also, according to the Ministry of Mines, currently, public authorities are aware of just 40% of the country’s mineral potential.

According to the tender document issued by Serge Hervé Boyogueno, the corporation’s share capital is XAF10 billion. This capital is fully paid up by the government of Cameroon (according to the Ministry of Mines), which thus becomes its sole shareholder.

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