Alucam: State converts 92.5 billion FCFA of debts into equity, but the smelter remains unfunded

The Cameroonian state converted 92.5 billion FCFA of advances held against the Cameroon Aluminum Company (Alucam) into equity. The operation exceeds the 43 billion FCFA recapitalization need identified in the 2019 plan, but injects no new cash. The Court of Auditors described this conversion as a 'paper exercise' that does not address the need to fund the restoration of the industrial plant. The 2019 plan also included a merger with Socatral, sale of non-strategic assets, and modernization.