Dubai-based Avangaz secures gold mining contract in Cameroon

Wed Feb 04 2026

Avangaz Trading DMCC, a Dubai-based commodities trader, says it has secured a “strategic mining contract” in Cameroon, marking an expansion of its activities in Africa’s gold sector. The company says the agreement allows it to invest directly in gold production in the country, with a focus on industrial processing capacity.

“We have invested in and acquired three state-of-the-art gold washing and concentration plants, equipped with specialized processing technology designed to efficiently extract gold from mineral concentrate,” the trader said. Avangaz added that the multi-million-dollar investment strengthens its operational capacity, improves recovery rates, and supports a more reliable and scalable supply of high-quality gold. The company did not disclose the exact investment amount.

In its statement, Avangaz links the contract to several operational outcomes, including direct access to production, greater control over processing and quality, improved supply chain transparency, and increased output capacity. The group positions itself as an integrated player, active in both extraction and trading.

The announcement comes as Cameroon’s gold exports, particularly to the United Arab Emirates, continue to be at the center of recurring controversy over large statistical discrepancies. In a December 2025 report covering 2023 data, the Extractive Industries Transparency Initiative (EITI) reported that only 22.3 kg of gold were officially exported by Cameroon in 2023. Over the same period, the UAE, identified as the main importer of Cameroonian gold, reported imports of 15.2 tons from Cameroon.

The discrepancies are longstanding. In 2022, partner countries reported importing 4.8 tons of gold from Cameroon, while official Cameroonian export data showed just 47.879 kg. Between 2008 and 2018, gold imports from Cameroon declared by the UAE reportedly rose from 0.3 ton to 11.7 tons, while Cameroon’s official exports never exceeded 32 kg per year. In this context, the EITI estimates potential fiscal losses at CFA165 billion.

Despite the controversy, Avangaz Trading DMCC says it is continuing to invest in Cameroon’s gold mining sector. The company says it was founded in 2020 and trades a range of mineral products, including oil. It claims operations in more than 50 countries and reports monthly profits of $750,000, or about CFA450 million.

Source: https://www.businessincameroon.com/