By: Ecofin agency

Cameroon produced approximately 15,000 tonnes of rutile between 1935 and 1955, positioning itself as the world's third-largest producer at the time. The country now aims to reactivate this potential, supported by operators like DY6 Metals and Peak Minerals.

DY6 Metals announced on September 15, a binding agreement with Mbolo Capital Pty to acquire a portfolio of seven rutile exploration permits. This includes the Yaoundé Ouest project in Cameroon. The transaction, involving a $1.5 million payment and share issuance to the seller, will ultimately expand the Australian mining company's exploration base in a country boasting a 3 million-tonne rutile potential.

DY6 Metals' Cameroonian assets previously comprised the Central Rutile and HMS (Heavy Mineral Sands) projects. With the Yaoundé Ouest acquisition, the company intends to bolster its portfolio with an asset already undergoing exploitation and considered a "key area for historical rutile production in Cameroon." The project will integrate into Central Rutile, thereby increasing its exploration perimeter from 5,901 km2 to 8,789 km2.

"We are absolutely thrilled to have finalized the acquisition of the Yaoundé Ouest project, which we believe represents a world-class and highly strategic asset," stated Cliff Fitzhenry, CEO of DY6 Metals. "Yaoundé Ouest is particularly significant as it represents the country's only historically recorded area of residual rutile exploitation, underscoring its geological importance and proven mineral potential. Its privileged land position, combined with its proximity to key infrastructure including port, rail, and power, offers a major logistical and development advantage."

The finalization of the agreement currently awaits company shareholder approval. Notably, its signing follows DY6's announcement months prior to raise $4.6 million to advance its exploration work in Cameroon. The country, a former producer of this raw material, also counts Australian company Peak Minerals, active on the Minta project, within its rutile sector.