Aeternum Resources may fail to acquire Gyel and Nkamouna
By the AFREEQUE newsroom, based on Camer.be
Aeternum Resources may not complete the acquisition of the Gyel and Nkamouna mining projects in Lomié, eastern Cameroon, because of financing needs and an outstanding operating permit. The US company had aimed to complete the deal in the fourth quarter of 2026, according to its 12 November financial statement.
Aeternum Resources acknowledges that the acquisition of the Gyel and Nkamouna mining projects in Lomié, eastern Cameroon, may not go ahead. The US company cites additional financing needs, its current and future debt, and negative operating cash flows, in a statement published on 12 November 2026.
Aeternum Resources also says it faces uncertainty over the completion of the acquisitions and difficulties obtaining regulatory approvals. The company further says it does not have mineral resources, mineral reserves or summaries of technical reports for the projects, which concern cobalt, nickel and manganese, according to its statement.
The operating permit previously held by Geovic Cameroon was withdrawn by presidential decree on 12 February 2025. The Société nationale des mines (SONAMINES), which represents the interests of the Cameroonian state in the mining sector, subsequently launched an international tender in January 2026 to seek technical and financial partners.
SONAMINES announced on 18 August 2026 that the procedure had failed because no application met the criteria, according to information reported by Camer.be. Aeternum had announced on 22 September its intention to take full control of American Renaissance Minerals, which owns the project, with completion planned for the fourth quarter of 2026.
The new reservation follows the 22 September announcement on the takeover of American Renaissance Minerals, a step that was expected to lead to completion of the transaction in the fourth quarter of 2026.
