Oriole Resources PLC CEO Martin Rosser talked with Proactive's Stephen Gunnion about the renewal of the company’s Wapouzé licence for another two years.
Proactive: Hello, you're watching Proactive. I'm joined by Oriole Resources CEO Martin Rosser. Martin, very good to speak with you as always. This morning, you have announced that your Wapouzé license has been renewed for a further two years. What does this extension allow you to do at Wapouzé?
Martin Rosser: Thank you, Stephen. Good morning. Good morning, viewers. Yes, we're delighted with this news because it means that we can progress with our plan to see if we can turn this exciting opportunity into something valuable for the company. Our intention is to attract an industrial minerals industry partner to conduct an approved work program. We strongly believe it is possible to determine a commercially viable limestone deposit.
With the right partner, we could fast-track this project to commercial exploitation. If successful, we would look to secure a royalty arrangement on the property and benefit from that once operations begin.
Proactive: You referenced the change in focus from gold to limestone at Wapouzé. Can you give us insight into the reasoning behind this shift?
Martin Rosser: The work at Wapouzé was previously focused on gold exploration. However, the results were not outstanding. Meanwhile, we had our Bibemi project, about 20km to the south, which showed much more promise. As a result, the company decided to prioritize Bibemi.
During our exploration at Wapouzé, we made a significant discovery. Rock chip sampling across a large limestone outcrop on the property showed that the material had the right chemistry to be classified as high-grade carbonate. This type of material is highly suitable for use in the Cameroonian cement industry.
Proactive: Can you tell us about the potential uses for the limestone product? You mentioned the Cameroonian cement industry.
Martin Rosser: Yes. There's been significant investment in Cameroon’s cement production by various international companies. We estimate the industry to be worth around £700 million annually. However, much of the cement is made using imported clinker, which is derived from cement-quality limestone.
Having a local source of limestone would be a major benefit for Cameroon’s economy and government. The government is keen to reduce reliance on expensive clinker imports, as cement is a critical commodity for economic growth.
Proactive: Martin, what other industries can the limestone product from Wapouzé be utilized for?
Martin Rosser: Interestingly, as a gold exploration and mining company, we recognize that limestone is widely used in gold processing. It is used to adjust pH levels, reduce cyanide consumption in leaching operations, and neutralize acid mine drainage.
So, beyond cement, limestone also has practical applications in the gold sector, which aligns well with our company’s broader focus.