Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Q2 update:
Roy Kelly, Chief Executive of Victoria Oil & Gas, commented:
"We are very pleased that the team has delivered another solid quarter during which some customers increased organic demand, although we are conscious that we are now heading into August which is usually a slower month....'
...This new episode provides information on the seriousness of Cicam's problems. Indeed, despite the signing in 2015 of a CFAF 13.2 billion plan-contract with the State, its sole shareholder, this public company is struggling to get out of the turbulent zone in which it finds itself. For years. A situation following in particular the invasion of the local textile market by imports and contraband products.
In fact, while it was still the flagship of the textile industry in the Cemac zone (Cameroon, Gabon, Congo, Chad, Equatorial Guinea and CAR) a few years ago, Cicam now only controls barely 5% of the local market. Blame it on fabrics from China and West African countries, especially Nigeria.
This stiff competition from Chinese and West African fabrics, sometimes smuggled in, had major consequences on Cicam's finances. According to official financial statements, this state-owned company shows cumulative losses of 13.4 billion FCFA over the period 2018-2020, with a peak of 5.3 billion FCFA for the year 2018 alone. Its turnover meanwhile fell from 13.2 billion FCFA in 2018 to only 9.9 billion FCFA in 2019, before falling to 7.3 billion FCFA in 2020, a decrease of almost 50% compared to the fiscal year 2018.
Brice R. Mbodiam
Perhaps this should have been in the Q2 update?
FCFA 630m owed to us. (1US$ = 555 XAF) = $1.13m owed to us.
https://www.investiraucameroun.com/economie/0508-16704-textile-deux-usines-de-la-cicam-a-l-arret-apres-des-pertes-cumulees-de-13-4-milliards-de-fcfa-entre-2018-et-2020
(Business in Cameroon) - The turbines of the two factories of the Cotonnière Industrielle du Cameroun (Cicam) in Douala, the economic capital of the country, have not been operating since July 21, 2021. The two units, respectively specialized in the production of printed fabrics (loincloths) and towels, have been stopped since that date, due to the suspension of the energy supply, we learn from sources internal to the company.
'Indeed, Gaz du Cameroun (GDC), a local subsidiary of Britain's Victoria Oil & Gas (VOG), which operates the Logbaba gas field, has suspended gas deliveries to Cicam because of unpaid bills of FCFA 630 million. Eneo, the concessionaire of the public electricity service, also accumulates with this public company invoices of more than one billion FCFA. " It will be difficult to pay salaries in the current context ," observed a Cicam executive, commenting on the implications of this cessation of activities in the Douala factories......'