Oriole Resources Secures Key Licence Renewal for Cameroon Limestone Project, Eyes Cement Sector Partnership

Oriole Resources said Wednesday it has clinched a critical two-year extension for its Wapouzé limestone licence in northern Cameroon, positioning the mineral explorer to capitalize on rising domestic demand for cement-making materials. The AIM-listed firm, which holds an 85% stake in the project, now aims to fast-track development by securing an industrial partner to advance the asset toward production.

Shares in Oriole Resources (AIM: ORR) held steady at 717.14 pence in early trading Thursday, while the FTSE AIM All-Share Index edged up 1.91% to 10,765.45.

The company initially targeted gold at Wapouzé but pivoted last year after sampling identified high-grade carbonate material ideal for cement manufacturing—a strategic shift approved by Cameroonian authorities in September 2023. Work stalled pending the licence renewal, now resolved.

Cameroon’s cement industry, valued at approximately £700 million, imports nearly all its clinker—a key limestone-derived component—despite abundant local reserves. Oriole sees an opportunity to displace costly imports while supporting government efforts to bolster domestic supply chains.

“Renewing this licence is a pivotal step,” said CEO Tim Livesey. “Partnering with an industrial leader could unlock a commercially viable deposit, generate royalty income, and align with Cameroon’s push for self-reliance in clinker production.”

The company is structuring royalty-based deals for future extraction, aiming to secure steady revenue without upfront capital. Beyond cement, Oriole highlighted potential demand from Cameroon’s gold sector, where limestone byproducts like quicklime are used in ore processing and waste management.

Analysts suggest the move diversifies Oriole’s portfolio amid volatile precious metals markets. However, success hinges on attracting partners in a region where infrastructure challenges and regulatory complexity have deterred some investors.

The Wapouzé project sits in a underexplored region near existing cement plants, potentially offering logistical advantages. Oriole did not specify a timeline for production but emphasized “active discussions” with potential collaborators.