Australia’s Canyon Resources has closed a pivotal deal for the development of its Minim Martap bauxite project in Cameroon, securing a syndicated credit facility for approximately US$140 million through AFG Bank Cameroon.
The Minim Martap bauxite project and the support of AFG Bank Cameroon
The Australian mining company, through its subsidiary Camalco Cameroon, signed a binding agreement with AFG Bank CM, a major player in the Cameroonian financial system. This financing provided a credit facility of 82 billion CFA francs, securing the acquisition of locomotives, railcars, railway works and port improvements essential for ore transportation.
In addition to the bank facility, Canyon’s major shareholder, Eagle Eye Asset Holdings, has committed to exercise 350 million options, injecting an additional A$24.5 million to cover upfront operating costs. This integration of resources allows Canyon to focus on activities essential to the execution of Phase One of the project.
Since obtaining its mining license in September 2024, Canyon has made rapid progress on logistical permitting, including rail and port use rights. It is currently in the final phase of its Definitive Feasibility Study, which proposes a two-stage development to maximize operational efficiency.
The Minim Martap project is perceived as a source of high source of high quality bauxite.ad on the international market. Its potential for scale and the strength of its financial backing make it one of the most promising developments in West Africa.
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Source and photo: Canyon Resources / PDF
