The Korean company C&K Mining has been granted a license to develop the Mobilong diamond mine in southeast Cameroon, Korea's Ministry of Foreign Affairs and Trade announced.

According to a report on Korea's Chosunilbo.com website, the site contains an estimated 420 million carats of rough diamonds, and C&K Mining's license will stay valid for 25 years with options to renew every 10 years after that.

Cameroon is not a diamond producer but borders other West African countries that have diamonds and mine them – including Guinea, to Cameroon's south, which in 2009 exported nearly 700,000 carats of diamonds valued at $29 million. To Cameroon's east lies the Central African Republic, whose 2009 diamond exports were half of Guinea's by volume (311,000 carats) but nearly double by value ($47 million.)

The Republic of Congo to Cameroon's south also produces a small amount of diamonds ($2.1 million in 2009.)