What is a Gold Mandate License?
What is a Gold Mandate License? is a mandatory document that is levied by the government to be paid by all buyers and mandates (Minmidt.com) who wants to trade in precious metals (gold, diamonds, silver, bronze, aluminum, bronze etc). Gold Mandate License, The government is the guardian and protects all parties concerned against any business malpractice and economic dishonesty. Especially when dealing with foreign companies and buyers. We have in our storage / safe keeping the precious metals of all registered and reliable suppliers and their safe keeping receipts is at the National Treasury.
The reason why we the government keeps the precious metals of miners is also mainly due to security problems. As there have been constant attacks and stealing from pirates and robbers who have been ambushing local miners and do away with their precious metals. and even attacking Bullion Vans (transport vehicles) killing workers and local security agents. So, What is a Gold Mandate License? the local miners decided to seek our security and also we use the safe keeping house at ministry department of mines, geology and technological development to stock their reserves of precious metals for security reasons.
Gold Mandate license in Cameroon
Apply for a Gold Mandate license in Cameroon
How to apply for a Gold Mandate license in Cameroon
GOLD MANDATORY LICENSE PRICE
So the total cost for the mandate license for 5 years will be $250 for application fee plus $10,000 for the mandate license making a total of $10,250
Then total cost for the mandate license for 3years will be $250 for application fee plus $7,000 for the mandate license making a total of $7,250
So the total cost for the mandate license for 1years will be $250 for application fee plus $4,500 for the mandate license making a total of $4,750
Why the mandate license is required: What is a Gold Mandate License?
The main reason why the mandate license is required is because mostly buyers prefer to do Full CIF with the local sellers who don’t have foreign experience and we have been getting a lot of complaints where buyers don’t send all full payment after final assay report at their refinery and so the information received from the mandate application form will be registered in the government database that should in case a buyer or seller don’t meet up it will be easy to get the trace and hand over the dispute to The ICC IMFPA/NCNDA.
This refers to two distinct agreements within the International Chamber of Commerce (ICC) framework: the Non-Circumvention, Non-Disclosure & Working Agreement (NCNDA) and the Irrevocable Master Fee Protection Agreement (IMFPA). The NCNDA protects the confidentiality of business information and prevents parties from circumventing each other in business dealings, while the IMFPA ensures the timely payment of intermediary fees and commissions.
Why the mandate license is obligatory for the buyer
In addition, due to CIF basis, the mandate license is obligatory for the buyer because, we the government ministry department of mines and geology stands to protect all parties concern for a successful trade. most especially the buyer because we already have the gold of the verified local miner / seller in our storage house and we are fully responsible to help them till the end of the successful transaction.
That is the reason why once we issue the mandate license, the first trial / tranche shipment will be accompanied by both our Ministerial Diplomatic Freight Forwarder / Clearing Agent and the seller representative. Who will meet with the buyer ‘face to face’ then go to the refinery together till after final assay results. Both parties will also decide on how the full / final payment of the consignment will be made within 72 hours and after the final assay report is out. The seller and the buyer will seat face to face again and discuss, then sign a clear Contract-SPA. Depending on their agreement with our Diplomatic Freight Forwarder / Clearing Agent as witness to the aforementioned Contract-SPA.
Before the consignment (Precious Metal) takes off for delivery
Take note that before the consignment takes off for delivery to buyer’s designated address or refinery. All necessary shipping documents will be sent to your email for you to check if all your information is entered correctly before we can submit for the final Airway Bill(AWB). To come out and we shall send a copy to your end alongside the hard copies of all shipping documents and the mandate license to reach you days before the cargo arrives you destination. More so, the flight schedules of the ministerial diplomatic freight forwarder and clearing agent and the seller representative will be sent to your end so that you set up a meeting time with them once they arrive.
The shipment will be accompanied by these documents below
- . Packing List with Gross Weight
- . Certificate of origin
- . Pre-Assay Report
- . Certificate of ownership.
- . Copy of Export Permit
- . Certificate of non-criminal origin and, that the gold is free of all encumbrances.
- . Proof of taxes paid.
- . Airway bill and ticket of Seller or his representatives.
- . Certificate of Deposit to Carrier.
- . Insurance document
NOTE: Buyer cannot come to Cameroon and even go with the seller representative to the government ministry department of mines and geology office without an invitation letter from the ministry department.
But its only the ministry department of mines and geology that will issue an invitation letter to the buyer in order to ensure their full security in Cameroon.
Now the only way the ministry can issue the invitation letter is after buyer‘s information is registered in their system database following the payment of the Gold mandate license.
This is a highly protected zone because its link to the National Treasury Building and the Scientific Research Center. A whole lot of natural treasures are stored in the area.
Gold Mandatory License conclusion
So, generally if you are looking to apply for a Gold Mandatory License in Cameroon, Kindly contact the Minmidt.com Professor FUH CALISTUS GENTRY, Minister of Mines, Industry and Technological Development to apply using the FORM BELOW. Or more can you still contact us directly.