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The report is the outcome of a three year long exploration carried out on suspected bauxite sites in that part of the West African nation.
Cameroon Alumina Ltd. is a consortium of three companies - United Arab Emirates' aluminum smelter Dubai Aluminium Company Limited, which has a 45% share; Hindalco Industries Limited (500440.BY), which has a 45% share; and U.S.-based Hydromine Inc., which owns the remaining 10%.
The group was authorized to explore for bauxite reserves, with the possibility of drilling and refining the mineral into alumina.
"We've concluded our exploration phase of the project and found that there is up to 700 million tons of bauxite reserves on the two sites we've been exploring. The entire project will cost at least $4 billion and generate at about 8,000 direct and indirect jobs for Cameroonians," CAL project manager Eric Lavalou told reporters Wednesday after the presentation.
Commercial production of bauxite is expected by 2014.
-By Emmanuel Tumanjong, contributing to Dow Jones Newswires; +237-9655-6261, +237-7773-1930; tnuel@yahoo.com
(END) Dow Jones Newswires
10-14-09 2100ET
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