By: Business in Cameroon

Cameroon’s National Mining Corporation (Sonamines) closed the 2025 financial year with a net profit of CFA724.7 million, the first positive result reported by the state-owned company since its creation in December 2020. The accounts were approved on June 12, 2026, during the 27th and 28th sessions of its board of directors in Yaoundé.

According to the board’s final communiqué, the financial statements for the year ended December 31, 2025, show total assets of CFA5.23 billion, revenue of CFA30.55 million, and net profit of CFA724.7 million. In light of these results, board members approved management’s handling of the company before calling the ordinary general meeting that will formally approve the accounts.

The profit marks a turning point for Sonamines, which was created by presidential decree on December 14, 2020, to represent the state’s interests in the mining sector. After posting losses in previous years, the company has now returned to profit. However, the figures call for caution. Net profit of CFA724.7 million was nearly 24 times higher than revenue of CFA30.55 million. The communiqué does not specify the income, provisions, subsidies, expenses, or exceptional items that contributed to the result.

The company nevertheless presents the performance as one of the first outcomes of its efforts to “gradually establish the state’s mining sovereignty.” The expression reflects the mission assigned to Sonamines since its creation: strengthen the state’s presence across the mining value chain, improve control of production, protect public financial interests, and improve the traceability of precious minerals, particularly gold.

The return to profit comes amid ongoing questions about governance in Cameroon’s gold sector. For several years, gaps between officially collected volumes, production reported at mining sites, and declared exports have fueled debate over lost public revenue, smuggling, and traceability weaknesses. These challenges have increased pressure on Sonamines, which is expected to become one of the state’s main operational tools for overseeing and promoting the country’s mineral resources.

Cameroon’s new mining code, enacted on December 19, 2023, reinforced that role. Sonamines is expected to help manage the state’s interests, particularly in industrial mining projects. During its 28th session, the board said it adopted governance tools designed to help management defend the state’s sovereign interests through equity stakes in two mining companies already in production, in accordance with Articles 47 and 48 of Law No. 2023/014 of December 19, 2023.

This development could broaden the company’s sources of revenue beyond its current activities. So far, commercial income remains modest compared with its ambitions. Revenue reached only CFA30.55 million in 2025, despite a share capital of CFA10 billion. One of management’s key challenges will be turning Sonamines’ institutional role into recurring, traceable, and sustainable revenue.

The board also said it plans to begin operationalizing the company’s commercial activities to significantly increase revenue and advance its strategic projects. This objective is important for a company expected to operate across several areas, including gold purchasing and marketing, management of state equity interests, support for mining projects, investment promotion, and oversight of public interests in producing mines.

The 2025 profit therefore represents a symbolic milestone, but not yet proof of a sustainable business model. Assessing the true significance of the turnaround will require a clearer understanding of the company’s earnings structure, operating expenses, commercial revenue, any non-recurring income, and the outlook for revenue from mining equity stakes. Only then will Sonamines be able to demonstrate that it is evolving from an institutional vehicle into a genuine business model serving Cameroon’s mining sovereignty.